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Real estate professional services and investment management company Colliers has completed the sale of the Gwinnett Place Mall for $23 million, the company announced this week.
The Urban Redevelopment Agency of Gwinnett County was the buyer. Colliers Executive Managing Director Joe Montgomery and Vice President Scott Israel sourced the buyer and represented the seller, Las Vegas-based Moonbeam Capital Investments.
“To be able to complete a transaction of this size for a critical piece of retail property with COVID looming over our heads is a win not only for our industry but also the Greater Atlanta area,” Montgomery said in the announcement. “Gwinnett County now controls the destiny of this keystone property and the future of the Pleasant Hill Corridor.”
Gwinnett Place Mall is a 563,367 square-foot commercial retail property situated on 39 acres in the Pleasant Hill Corridor of Duluth, Georgia. The mall was built in 1983 in a joint venture by Scott Hudgins and Cadillac/Fairview.
In October 2019, Colliers was brought on by Moonbeam as the property’s exclusive listing agent. Colliers engaged Gwinnett County in the early months of 2020 and continued discussions throughout the year before reaching a final agreement in December 2020.
“Malls across America struggle from various forms of obsolescence from changing consumption patterns to the decline of traditional department stores and the encroachment of digital commerce,” according to the announcement. “The pandemic’s onset placed added strain on the retail industry as landlords and tenants were forced to pause operations, some turning to online merchandising and commerce channels. As the retail landscape evolves, transformative solutions are required to repurpose those malls which are no longer sustainable as originally conceived.”
The County’s redevelopment plans have not yet been announced.