Kroger-Anchored Georgia Retail Center Trades for $19M

Hickory Flat Commons. Image courtesy of JLL

Phillips Edison & Co. has acquired Hickory Flat Commons in Canton, Ga., for $18.6 million in a 1031 exchange. County records show CIM Group was listed as the seller of the 114,015-square-foot property.  

Located at 6764-6776 Hickory Flat Highway some 34 miles north of downtown Atlanta, the asset is within one of the most active home-building markets in Georgia, with more than 1,400 new homes recently delivered or under construction within a 3-mile radius. The retail center serves some 60,000 people who live within a 5-mile radius and earn an average annual household income of $129,148.

Completed in 2008, Hickory Flat Commons was 97 percent occupied at the time of the sale. The property, anchored by one of the top-performing Kroger stores in the state, includes a diverse mix of other tenants, from restaurants to clothing retailers.

Senior Managing Director Jim Hamilton from JLL worked on behalf of the seller. In mid-April, Hamilton teamed up with Directors Brad Buchanan and Mike Allison to represent DLC Management Corp. in its $12.8 million disposition of a 88,646-square-foot retail center in Lilburn, Ga.