JLL Capital Markets arranged the sale of the 144,678-square-foot Cherokee Corners in Acworth and the 185,601-square-foot Concord Village in Smyrna
JLL Capital Markets announced today that it has closed the $29 million portfolio sale of two grocery-anchored retail centers, the 144,678-square-foot Cherokee Corners in Acworth, Georgia and the 185,601-square-foot Concord Village in Smyrna, Georgia.
JLL represented the seller, an affiliate of Hackney Real Estate Partners. The buyer was Sedgh Group, LLC.
Both Cherokee Corners and Concord Village are anchored by Food Depot, a well-established regional grocer with more than 40 locations throughout Georgia and nearly 35 years of company operating history. Both grocer locations have signed a recent 10-year renewal.
Built in 1984 and renovated in 2016, the 100-percent-occupied Cherokee Corners is also anchored by Woodstock Market, Dolce Furniture and Family Dollar. Located at 5570 Bells Ferry Rd., the center sits at the intersection of Alabama Road and Bells Ferry Road, providing visibility to 60,200 vehicles per day.
The 99-percent-occupied Concord Village was built in 1988 and renovated in 2016. In addition to Food Depot, other anchor tenants include Goodwill, Citi Trends, Mega Furniture Outlet, Dollar General and CSL Plasma. Situated at 3201-3209 S. Cobb Dr. at the intersection of Concord Road and of South Cobb Drive, the center is passed by approximately 56,300 vehicles per day.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Director Brad Buchanan, Senior Managing Director Jim Hamilton and Associate Andrew Kahn.
“Cherokee Corners and Concord Village are well-established community centers with tenancy specifically designed to cater to the surrounding communities,” said Buchanan. “Both assets are located in fast-growing submarkets of the Atlanta MSA and are positioned for long-term success, given the diverse drawing power of the anchor tenants and the below market rents relative to other properties within the immediate trade areas.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
About Sedgh Group
The Sedgh Group is a vertically integrated owner and operator of value-add shopping centers throughout the United States.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
