Medipower Pays $115M for East Coast Retail Portfolio

Medipower Overseas Public Co. has purchased a seven-property, 558,000-square-foot retail portfolio across the East Coast for a total of $115 million. JLL Capital Markets brokered the deal on behalf of the seller and arranged acquisition financing.

The collection comprises assets across New Jersey, Virginia, Georgia and South Carolina. Four of the shopping centers are located in Atlanta’s metropolitan area, while the other three are in Virginia Beach, Va., Myrtle Beach, S.C. and Lyndhurst, N.J. The portfolio consists of:

• Hickory Flat Village, a 74,020-square-foot retail center at 6175 Hickory Flat Highway in Canton, Ga.
• Deshon Plaza, a 64,055-square-foot retail center at 515 N. Deshong Road in Stone Mountain, Ga.
• Flat Shoals Crossing, a 69,699-square-foot retail center at 3910 Flat Shoals Parkway in Decatur, Ga.
• Cascade Corners, a 66,844-square-foot retail center at 3425 Cascade Road in Atlanta
• Kroger Plaza, a 67,540-square-foot retail center at 1800 Republic Road in Virginia Beach, Va.
• The Plaza at Carolina Forest, a 138,017-square-foot retail center at 4802 Edward E. Burroughs Highway in Myrtle Beach, S.C.
• Lewandowski Commons, a 77,743-square-foot retail center at 425 Lewandowski St. in Lyndhurst, N.J. 

The retail centers’ tenant rosters include grocers such as Publix, Kroger and Stop & Shop. The portfolio was 99.6 percent leased at the time of the deal.

Medipower’s current national portfolio consists entirely of retail assets across the East Coast, with the majority of them in Pennsylvania and New Jersey. Alongside Virginia, Georgia and South Carolina, the company also has properties in Massachusetts, Connecticut and New York.

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The JLL Capital Markets Investment Sales and Advisory team that brokered the sale included Senior Managing Directors Jim Hamilton, Kevin O’Hearn and Jose Cruz, Managing Directors Brad Buchanan and Jordan Lex, Senior Directors J.B. Bruno and Tom Kolarczyk, Director Daniel Naughton, as well as Broker Andrew Kahn and Analyst Anton Serafini. Managing Director Gregg Shapiro, Senior Managing Directors Him Cadranell and Jon Mikula, Director Hunter Goldberg, Vice President Kelsey Bawcombe and Analysts Streeter Simmons and Caleb Henry led the financing team.

Retail market remains stable yet cautious

Both retail sales and foot traffic registered an increase over the course of 2025, proving to be resilient despite the uncertain economic backdrop. Annual retail sales saw a 3.7 percent increase, while foot traffic rose 1.8 percent, reflecting steady in-store activity.

The sector slowed down in the second half of last year, however, as consumers started showcasing more cautious spending patterns. Looking ahead, the retail market sector appears to remain stable yet slower at times, with retail sales growth projected to 3 percent in 2026.