Sale of generational Kroger-anchored retail center in Atlanta
JLL Capital Markets arranged the sale of the 102,864-square-foot Marketplace at Buckhead (formerly known as Cherokee Plaza) located in the affluent Buckhead submarket
ATLANTA, Oct. 16, 2023 – JLL Capital Markets announced today that it has closed the sale of Marketplace at Buckhead, a 102,864-square-foot, generational, Kroger-anchored retail center located in the affluent Buckhead submarket of Atlanta, Georgia.
JLL represented the seller, and Sterling Organization acquired the asset.
Marketplace at Buckhead represented a generational Kroger-Anchored investment opportunity located in the heart of Buckhead, directly adjacent to the highly sought-after Historic Brookhaven neighborhood with average household incomes exceeding $260K. The shopping center is strategically positioned along the ‘going home’ side of Peachtree Rd. and benefits from high traffic counts and a dense daytime population of nearly 190,000 within a three-mile radius. Additionally, Lenox Square and Phipps Plaza, two of the top-performing shopping centers in the southeast, are just one mile away, and midtown and downtown Atlanta are just four miles away.
Built in 1958 and renovated in 1997 and 2013, the property features a weighted average tenure of approximately 25 years, and 89% of the tenants are a nationally recognized brand. Marketplace at Buckhead benefits from a high-performing and well-established tenure tenant line up of local favorites, including Kroger, Willy's Mexicana Grill, Jersey Mike's Subs, Salon Lofts, and more. The property's historical occupancy has been 100% for over a decade.
The JLL Retail Capital Markets team that represented the seller was led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Vice President Andrew Kahn.
“Demand for high-quality retail centers remains exceptionally strong, especially for grocery-anchored opportunities,” said Hamilton. “Marketplace at Buckhead was one of the most highly sought-after retail centers that we’ve marketed this year due to the infill and irreplaceable location, high-income demographics and significant cash flow growth potential.”
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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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sterling Organization
Sterling Organization, and its affiliates, own and manage more than 73 properties across the U.S. with more than 12 million square feet of primarily retail real estate across the U.S. worth over $2 billion in value.