Private equity real estate firm Sterling Organization has acquired Marketplace at Buckhead, a 102,864-square-foot Kroger-anchored retail center on Peachtree Road.
JLL, a global commercial real estate and investment management company, represented the seller.
Marketplace at Buckhead is adjacent to the Historic Brookhaven neighborhood and about a mile from the Lenox Square and Phipps Plaza shopping centers.
The property was built in 1958 and renovated in 1997 and 2013, according to a press release announcing the sale. Eighty-nine percent of the tenants are nationally recognized brands. The shopping center includes Willy’s Mexicana Grill, Jersey Mike’s Subs and Salon Lofts.
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,” Hamilton said in the press release. “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.”
The property formerly owned by an affiliate of ShopCore Properties was sold for $38.5 million, the Atlanta Business Chronicle reports.
Headquartered in West Palm Beach, Fla., 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 worth over $2 billion.