{"id":1004665694,"date":"2023-05-31T02:45:34","date_gmt":"2023-05-31T10:45:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004665694"},"modified":"2023-05-31T05:20:38","modified_gmt":"2023-05-31T13:20:38","slug":"acadia-realty-trust-lands-refi-for-atlanta-area-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/acadia-realty-trust-lands-refi-for-atlanta-area-retail-center\/","title":{"rendered":"Acadia Realty Trust Lands Refi for Atlanta-Area Retail Center"},"content":{"rendered":"
\"Dick's

Dick’s Sporting Goods at Canton Market. Image courtesy of CBRE<\/em><\/p><\/div>\n

Acadia Realty Trust <\/strong>has secured $36 million in refinancing for Canton Marketplace, a regional power center in Canton, Ga. CBRE<\/strong> arranged the loan, provided by Voya Investment Management<\/strong>.<\/p>\n

Built in 2008, the 335,445-square-foot property comprises five single-story buildings on some 29 acres. At the time of the refinancing, Canton Marketplace was 95 percent occupied. Acadia Realty Trust acquired the asset in August 2021 for $50.7 million, according to CommercialEdge.<\/p>\n

Situated at 1810 Cumming Highway, 40 miles north of downtown Atlanta and just off Interstate 575<\/span>, the property houses 40 tenants. The center is anchored by a Dick\u2019s Sporting Goods, T.J. Maxx, PetSmart and pOpshelf. Lowe\u2019s and Super Target shadow-anchor the property.<\/p>\n

Mike Ryan, Brian Linnihan, Richard Henry and JP Cordeiro of CBRE Capital Markets\u2019 Debt and Structured Finance team in Atlanta represented the landlord in the refinancing.<\/span><\/p>\n

Metro Atlanta’s retail strength<\/h2>\n

A number of factors are playing into the current trend of robust retail demand in Atlanta and the larger Southeast. The area has seen a high amount of migration coupled with low taxes, a high quality of living and a number of universities. Considering the challenges that are lending towards a decline in retail inventory, this demand is only anticipated to get stronger, Robert Fransen, president & managing partner with Coro Realty previously told CPE<\/em><\/a>.<\/p>\n

Considering the stiff competition for retail space in Atlanta, the area has already seen various transactions this year. In April, Nuveen Real Estate acquired a 74,370-square-foot, grocery-anchored shopping center<\/a> in Atlanta\u2019s Buckhead neighborhood. The company considers the Atlanta metro as a priority market.<\/p>\n

Also this year, a retail center some 25 miles west of downtown Atlanta, changed hands in a $19.7 million transaction<\/a>. The DouglasVille Town Center comprises 272,785 square feet on more than 33 acres.<\/p>\n","protected":false},"excerpt":{"rendered":"

The REIT acquired the asset in 2021 for $50.7 million.<\/p>\n","protected":false},"author":3006,"featured_media":1004665697,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21783,21742,21749,32781],"tags":[38205,32789,51067],"class_list":["post-1004665694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-investment","category-latest","category-retail","category-southeast","tag-acadia-realty-trust","tag-cbre","tag-voya-investment-management"],"acf":[],"yoast_head":"\nAcadia Realty Trust Lands Refi for Atlanta-Area Retail Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Voya Investment Management provided the $36 million refinancing loan. 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