Georgia’s largest open-air shopping center has been sold to new owners.
CBRE has arranged the sale of Fayette Pavilion to 5Rivers CRE, a family-owned commercial real estate company based in Houston.
Located in Fayetteville, approximately 22 miles south of downtown Atlanta, Fayette Pavilion is the largest and most visited open-air shopping center in the state. At more than 1,000,000 square feet and approximately 106 acres, Fayette Pavilion attracts more than 8.3 million annual visits.
The property was developed in four phases from 1995 to 2003, evolving into a grocery-anchored shopping destination. Currently 96 percent leased, Fayette Pavilion has 68 tenants, 70 percent of which have been at the property for over five years. Tenants include Publix, Hobby Lobby, Burlington, Marshalls, PetSmart, Old Navy, Dollar Tree, Five Below and more.
Chris Decoufle, Kevin Hurley and Matt Karempelis of CBRE’s National Retail Partners – Southeast represented the seller and procured the buyer.
“Rarely are we able to bring such a proven, balanced and regionally dominant retail asset of this scale out to market, and as a result, investors took notice,” said Karempelis, vice president of CBRE in Atlanta. “Even during a choppy and unpredictable capital markets environment, the marketing process for Fayette Pavilion showcased the continued and growing demand for open-air retail. The process resulted in a deep and diverse bench of investor interest. We’re honored to have represented our client in finding Fayette Pavilion a new owner and wrapping up one of the largest single-asset retail transactions in the past few years.”
5Rivers CRE was founded in 1995. The company’s portfolio has grown to 5.4 million square feet of retail space valued at $700 million, mostly located in the Sun Belt.
