Nuveen Real Estate and SITE Centers Corp. have sold Barrett Pavilion, a 458,740-square-foot retail power center in Kennesaw, Ga. JLL represented the seller and procured $34.6 million in acquisition financing for the buyer, a joint venture between Lincoln Property Co. and Stockbridge. The four-year floating-rate loan with one one-year option was placed with Prime Finance. JLL was also instrumental in the October sale of a shopping center located across the road from Barrett Pavilion.
Located at 740 Ernest W. Barrett Parkway NW, the power center is situated on approximately 55 acres near Interstate 75, where the car traffic reaches 215,000 vehicles per day. Kennesaw State University is roughly 2 miles north of the retail property and downtown Atlanta is some 23 miles north.
National tenants such as AMC Theatres, Best Buy, Old Navy, Ulta Beauty and REI anchor the retail center that is also shadow-anchored by Target. Barrett Pavilion serves a population of 176,821 residents living within a 5-mile radius and earning an average annual household income of $94,490.
Managing Director Margaret Caldwell, now with Stan Johnson Co., and Vice President Margaret Jones led the JLL Capital Markets team representing the seller in the deal. Senior Vice President Tarik Bateh and Associate Jennifer Swanson secured the acquisition loan for the buyer.