ATLANTA, Dec. 20, 2023 -JLL Capital Markets announced today that it has closed the $18.5 million sale of Reynolds Crossing, a 45,809-square-foot retail center located within the Atlanta MSA in Duluth, Georgia.
JLL represented the seller, Leaders Real Estate Group, and a private investor acquired the asset.
Built in 2004 and 2005, the 100-percent-occupied Reynolds Crossing is leased to Little Caesars, The UPS Store, MetroPCS, Chase, Cricket Wireless and more. The property features a Weighted Average Tenure of over 10 years and a Weighted Average Term Remaining of five years, with 81% of the total GLA having renewed at least once at the property. Additionally, Reynolds Crossing is shadow-anchored by a high-performing Kroger, which draws 1.2 million visitors annually and serves as the fourth most visited grocer within 15 miles.
Located at 3780 Old Norcross Rd., Reynolds Crossing sits within one of the most dominant retail nodes in Georgia with over 6.1 million square feet of retail. It is also proximate to Gas South District, the top entertainment district in northeast Atlanta. The property's location offers super regional access via proximity to I-85 (269K VPD) and Highway 316 (105K VPD), and visitors are just a 20-minute drive to Buckhead and a 25-minute drive to Midtown. Within a five-mile radius is a population of approximately 250,000 and an average household income of $92,711.
The JLL Retail Capital Markets team that represented the seller was led by Managing Director Brad Buchanan and Senior Managing Director Jim Hamilton. Justin Miller, Senior Vice President Investments in Marcus & Millichap's Houston Office, procured the Buyer. Financing was secured by Jamie Safier, Managing Director of MMCC, also in Houston.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.=
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Jones Lang LaSalle Inc. published this content on 20 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 December 2023 17:13:54 UTC.
