The Village at Peachtree Corners, a retail center anchored by a Lidl grocery store, has been acquired by a Los Angeles-based investment firm, TSCG Friday announced.
The TSCG investment sales team, under the leadership of Anthony Blanco, partner, senior managing director of investment sales, TSCG, represented an affiliate of Starpoint Properties in the deal to an affiliate of Westwood Financial, for a price of $20,500,000. Westwood Financial’s plans for the center, if any, were not disclosed.
“The Village at Peachtree Corners is a very well-positioned center that benefits from the anchor tenancy of a relatively new Lidl grocery store, one of the first to have opened in Atlanta,” Blanco said. “The property garnered substantial interest largely due to the value enhancement opportunity that could be achieved by identifying a tenant to lease approximately 20,000 s.f. formerly occupied by Tuesday Morning along with an additional 6,000 s.f. also available. This combination of a strong existing grocery anchor along with the upside opportunity of vacant space and at great location allowed us to generate an overwhelming amount of interest in the asset and finalize a sale at phenomenal pricing.”
Completed in 1987, The Village at Peachtree Corners, at 5270 Peachtree Pkwy NW, totaled 88,850 square feet and was 74 percent leased at the time of sale. The sale was completed on an all-cash basis with the seller paying off the existing mortgage at closing.
TSCG represents institutional and private owners of retail real estate throughout the eastern United States in their efforts to maximize returns on investments from the sale of commercial properties. The TSCG investment sales team is comprised of Anthony Blanco and Mallory Silva, marketing coordinator, Alan Shaw, senior vice president, and Drew Lewis, vice president leasing.
“Having Alan and Drew, who have been leasing this center for over seven years on our investment sales team, allowed us to promote the center with the most accurate and supportable information,” Blanco said. “This sale marks the sixth grocery-anchored sale by our team in the past six months and demonstrates the continued demand for strong retail properties.”