ShopOne, Pantheon JV Buys Atlanta-Area Shopping Center

Sharon Greens last traded in 2007. Image courtesy of ShopOne

ShopOne Centers REIT Inc., Pantheon and a global institutional investor have purchased Sharon Greens, a 98,224-square-foot shopping center in Cumming, Ga., in metro Atlanta.

SITE Centers sold the property for $17.4 million, according to public records. Sharon Greens last traded in 2007, when SITE acquired the asset for $17.9 million, according to CommercialEdge data.

Completed in 2001, the neighborhood shopping center comprises three buildings on a 15.4-acre site. Anchored by Kroger, Sharon Greens was 100 percent leased at the time of the sale. The property’s tenant roster includes Chase Bank, The UPS Store, Pet Supplies Plus, Heartland Dental Care, Goodwill, Kumon Math & Reading Center, State Farm, Great Clips, Papa John’s and Sushi Sama.

Sharon Greens is located at 1595 Peachtree Parkway, in the Forsyth County. The property’s location near the intersection of Peachtree Parkway and Sharon Road provides direct access to downtown Atlanta. The shopping center is located in an area that has a traffic count of approximately 60,000 vehicles daily. Sharon Greens is surrounded by 61,489 residents within a 3-mile radius, with an average household income that exceeds $200,000.

The acquisition of Sharon Greens marks the joint venture’s third grocery-anchored shopping center in Atlanta and the 13th asset of its kind in the partnership’s portfolio. Earlier this year, Pantheon and ShopOne purchased Bethesda Walk, a 68,271-square-foot retail center in Lawrenceville, Ga. The joint venture has also recently entered the Massachusetts retail market, with the acquisition of Heritage Park Plaza, a 117,337-square-foot shopping center in East Longmeadow, Mass.