Acadia Realty Trust Lands Refi for Atlanta-Area Retail Center

Dick’s Sporting Goods at Canton Market. Image courtesy of CBRE

Acadia Realty Trust has secured $36 million in refinancing for Canton Marketplace, a regional power center in Canton, Ga. CBRE arranged the loan, provided by Voya Investment Management.

Built in 2008, the 335,445-square-foot property comprises five single-story buildings on some 29 acres. At the time of the refinancing, Canton Marketplace was 95 percent occupied. Acadia Realty Trust acquired the asset in August 2021 for $50.7 million, according to CommercialEdge.

Situated at 1810 Cumming Highway, 40 miles north of downtown Atlanta and just off Interstate 575, the property houses 40 tenants. The center is anchored by a Dick’s Sporting Goods, T.J. Maxx, PetSmart and pOpshelf. Lowe’s and Super Target shadow-anchor the property.

Mike Ryan, Brian Linnihan, Richard Henry and JP Cordeiro of CBRE Capital Markets’ Debt and Structured Finance team in Atlanta represented the landlord in the refinancing.

Metro Atlanta’s retail strength

A number of factors are playing into the current trend of robust retail demand in Atlanta and the larger Southeast. The area has seen a high amount of migration coupled with low taxes, a high quality of living and a number of universities. Considering the challenges that are lending towards a decline in retail inventory, this demand is only anticipated to get stronger, Robert Fransen, president & managing partner with Coro Realty previously told CPE.

Considering the stiff competition for retail space in Atlanta, the area has already seen various transactions this year. In April, Nuveen Real Estate acquired a 74,370-square-foot, grocery-anchored shopping center in Atlanta’s Buckhead neighborhood. The company considers the Atlanta metro as a priority market.

Also this year, a retail center some 25 miles west of downtown Atlanta, changed hands in a $19.7 million transaction. The DouglasVille Town Center comprises 272,785 square feet on more than 33 acres.