{"id":1004175108,"date":"2017-05-04T01:51:16","date_gmt":"2017-05-04T09:51:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004175108"},"modified":"2022-12-08T20:19:36","modified_gmt":"2022-12-09T04:19:36","slug":"cbre-global-jv-buys-atlanta-retail-center-for-109m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-global-jv-buys-atlanta-retail-center-for-109m\/","title":{"rendered":"CBRE Global Buys Atlanta Retail Center for $109M"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

CBRE Global Investors has teamed with Universal-Investment to acquire North Point MarketCenter, a 427,053-square-foot Class A regional retail center in Alpharetta, Ga., from PGIM Real Estate for a reported $109 million.<\/p>\n

\"North<\/a>

North Point MarketCenter in Alpharetta, Ga.<\/p><\/div>\n

\u201cWe\u2019ve been looking at a lot of retail, and there was just a critical mass of segment leading, national retailers and discounters that we thought was very appealing,\u201d <\/em>Stu Sziklas, CBRE Global Investors-Americas\u2019 managing director, <\/em>told Commercial Property Executive. \u201cRetail has taken a beating recently and there\u2019s certainly reason to be cautious, but we think the rumor of its demise has been a little over-exaggerated. I don\u2019t see retail disappearing.\u201d<\/em><\/p>\n

Located at 6200 North Point Parkway, on the corner of North Point Parkway and Haynes Bridge Road, North Point MarketCenter benefits from excellent accessibility and visibility off a major highway accessing the Atlanta suburbs. The retail center also benefits from a complementary tenant base at the adjacent regional mall that promotes customer cross-traffic.<\/p>\n

\u201cIt\u2019s a strong retail area, with one of Georgia\u2019s top regional malls,\u201d <\/em>Sziklas said. \u201cThe demographics of the area were great.\u201d<\/em><\/p>\n

The asset is currently 97 percent leased, and is anchored by national retailers including Nordstrom Rack, PetSmart and Dick\u2019s Sporting Goods. It\u2019s also shadow-anchored by Target.<\/p>\n

\u201cWe see opportunity with dominant retail centers, and the retailers we have at North Point MarketCenter, who represent the segment-leading brands in their respective categories, are well-positioned in this environment, so it just resonated with us,\u201d <\/em>Sziklas said. \u201cWe take a research-based approach to our investments and we continue to project strong employment growth in Atlanta.\u201d <\/em><\/p>\n

In fact, recent CBRE research revealed that economic fundamentals, such as employment growth that is significantly above the national employment growth rate and healthy retail sales have placed the Atlanta retail market on pace for continued positive growth.<\/p>\n

According to Sziklas, the company is planning capital improvements, including enhancements to the roof, curb appeal and signage, and will drive performance through active asset management.<\/p>\n

\u201cWe think the property is in good shape but can use some polishing around the edges,\u201d <\/em>he said. \u201cWe\u2019ve already started on a repaving project in the parking lots, we\u2019re designing a new signage and wayfinding program and working to generally improve curb appeal.\u201d<\/em><\/p>\n

PGIM originally acquired the retail center in 1998 in a joint venture and has been the sole owner since 2013.<\/p>\n

Image courtesy of CBRE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The company has partnered with Universal-Investment to acquire North Point MarketCenter, a more than 427,000-square-foot Class A shopping mall in Alpharetta, Ga.<\/p>\n","protected":false},"author":451,"featured_media":1004175126,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21743,21808,21783,21742,21749],"tags":[35095,34714,33578],"class_list":["post-1004175108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-deals","category-featured","category-investment","category-latest","category-retail","tag-cbre-global-investors","tag-pgim-real-estate","tag-universal-investment"],"acf":[],"yoast_head":"\nCBRE Global Buys Atlanta Retail Center for $109M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cbre-global-jv-buys-atlanta-retail-center-for-109m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBRE Global Buys Atlanta Retail Center for $109M\" \/>\n<meta property=\"og:description\" content=\"The company has partnered with Universal-Investment to acquire North Point MarketCenter, a more than 427,000-square-foot Class A shopping mall in Alpharetta, Ga.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cbre-global-jv-buys-atlanta-retail-center-for-109m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-05-04T09:51:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:19:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/North-Point-MarketCenter.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cbre-global-jv-buys-atlanta-retail-center-for-109m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cbre-global-jv-buys-atlanta-retail-center-for-109m\/\",\"name\":\"CBRE Global Buys Atlanta Retail Center for $109M - 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