JLL Capital Markets announced today that it has closed the $18.6 million sale of Hickory Flat Commons, a stabilized, Kroger-anchored retail center in the high-growth, suburban Atlanta community of Canton, Georgia.
JLL marketed the property on behalf of the seller. Phillips Edison & Company purchased the asset as part of a 1031 Exchange.
With an occupancy rate of 97%, Hickory Flat Commons is home to one of the top-performing Kroger stores in Georgia along with a tenant roster comprising a mix of essential, restaurant, apparel and service-oriented retailers. The asset was constructed in 2008 at 6764-6776 Hickory Flat Hwy. in the highly sought-after Cherokee County/Canton corridor, an affluent and high-growth Atlanta-area submarket. The Hickory Flat Commons trade area is one of the most active home-building markets in the state and has more than 1,400 new homes that are either recently delivered or under construction within a three-mile radius of the property. Nearly 60,000 residents who earn an average annual household income of $129,148 live within a five-mile radius of the property.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director Jim Hamilton.
“Hickory Flat Commons’ Kroger anchor is one of the top-performing Kroger stores in Georgia and is complemented by unparalleled residential growth in the immediate trade area,” Hamilton said. “The property is a dominant shopping center with extended drawing power and benefits from limited retail competition nearby.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About Phillips Edison & Company
Phillips Edison & Company, Inc. (“PECO”), an internally managed REIT, is one of the nation’s largest owners and operators of grocery-anchored shopping centers. PECO’s diversified portfolio of well-occupied neighborhood shopping centers features a mix of national and regional retailers selling necessity-based goods and services in fundamentally strong markets throughout the United States. Through its vertically integrated operating platform, the company manages a portfolio of 311 properties, including 284 wholly owned properties comprising approximately 31.8 million square feet across 31 states (as of June 30, 2020). PECO has generated strong operating results over its 29+ year history and has partnered with leading institutional commercial real estate investors including TPG Real Estate and The Northwestern Mutual Life Insurance Company. The company remains exclusively focused on creating great grocery-anchored shopping experiences and improving the communities it serves one center at a time. For more information, please visit phillipsedison.com.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.