Atlanta-area retail center in booming submarket sells for $18.2M
JLL Capital Markets closed the sale of the neighborhood retail center shadow anchored by Kroger in Smyrna, Georgia
JLL Capital Markets announced today that it has closed the $18.2 million sale of The Crossings at Four Corners, a 59,987-square-foot, neighborhood shopping center shadow anchored by a high-performing Kroger in the growing Atlanta-area community of Smyrna, Georgia. JLL marketed the property on behalf of the seller, Tri-Land Properties. LBX Investments purchased the asset.
The Crossings at Four Corners is a dynamic neighborhood with a well-curated tenant mix and is shadow anchored by one of the highest-performing Kroger stores in the Atlanta MSA. Some of the other tenants at the property include Pet Supplies Plus, DaVita Dialysis, America’s Best Vision, SuperCuts, Papa John’s, WingStop, LaVida Massage, Pita Mediterranean, Brighten Your Smile and Phenix Salon Suites. Additionally, the property included approximately 4.81 acres available for future development to add up to 35,000 square feet of retail space.
Located at 3240 S. Cobb Rd., The Crossings at Four Corners is in Smyrna, which is one of the fastest-growing submarkets in the Atlanta MSA due to its proximity to major economic drivers, including Dobbins Air Force Base, The Home Depot HQs and the Battery – a $1-billion mixed-use and entertainment district.
The JLL Retail Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Brad Buchanan, Senior Managing Director Jim Hamilton, and Associate Andrew Kahn.
“The Crossings of Four Corners is a dynamic retail asset and was extremely sought after by investors due to the property’s well-established tenant base, ability for future development and being shadow-anchored by one of the highest-performing Kroger stores in the Atlanta MSA,” Buchanan said.
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 Tri-Land Properties
Established in 1978, Tri-Land Properties is a Chicago-based owner/operator with a deep history of value-added redevelopment, best known for its high-quality repositioning of existing underperforming retail shopping centers. The real estate strategy focuses on necessity-based assets (grocery/drug anchored), in infill locations in major Midwest, Mid-Atlantic and Southeast markets. The company has an established, vertically integrated platform, with a full complement of real estate operating capabilities.
About LBX Investments
LBX Investments (LBX) is a real estate investment company that seeks to identify and invest in high-quality retail assets throughout the United States, with a major focus on the Southeast. The company was founded by Rob Levy and Phil Block, two experienced institutional real estate professionals, and is headquartered in Atlanta, Georgia. The company has experienced rapid growth since being founded in mid-2016 and currently owns and operates 21 retail assets throughout the United States with an estimated asset value approaching $350 million.
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 in 2021, operations in over 80 countries and a global workforce more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.