17th and Northside, a fully-leased, core, infill, 32,817 square-foot retail property in Loring Heights, has traded hands for $28.6 million, JLL Capital Markets announced Wednesday.
JLL marketed the property on behalf of the seller, The Ardent Companies. Southern California-based Faring purchased the asset.
17th and Northside, at 1299 Northside Drive NW, sits near Westside Provisions District, The Interlock, and Atlantic Station. The property is 100 percent leased to retailers such as Chipotle, Dunkin’ Donuts, McAlister’s Deli, Hollywood Feed, SunTrust, and more.
At one point, Kroger was set to anchor the development, even going as far as filing plans with the City. At the time, FUQUA was the lead developer and was calling the development West Midtown Center. It’s unclear if FUQUA was still an owner in the project at the time of the sale.
“We have long loved Atlanta’s fundamentals and Midtown’s growth story, so we are very excited to add 17th and Northside to our portfolio,” Faring’s CEO Jason Illoulian said in a press release. “We want to have a presence here and are looking to further invest in the area.”
Faring won the $28.6 million deal with an offer at full ask and a short due diligence period, adding to its fast-growing, nationwide net lease portfolio consisting of healthcare, retail, and fast-casual drive-thrus, according to the release.
The JLL Retail Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Brad Buchanan, Senior Managing Director Jim Hamilton, and Associate Andrew Kahn.
“17th and Northside is an iconic, generational asset located in the rapidly growing West Midtown area of Atlanta with a best-in-class, curated tenant mix,” Buchanan said. “The property received significant investor interest from a variety of different capital sources, due to the quality of the underlying real estate and its close proximity to economic drivers such as Midtown Atlanta and Georgia Tech.”
Editor’s note: this article has been updated to correct the neighborhood to Loring Heights.