HFF closes sale of anchored shopping center in Atlanta MSA
ATLANTA, GA – August 2, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of North Lake Square, a 140,000-square-foot new retail center in Gainesville, Georgia, a northern Atlanta suburb.
HFF marketed the property for the seller, GH Anderson & Co. VEREIT, Inc., acquired the asset on behalf of Cole Real Estate Income Strategy (Daily NAV), Inc.
Located at 1146 Dawsonville Highway in Gainesville, North Lake Square is a recently constructed power center adjacent to Lake Lanier, one of Atlanta’s top recreational centers attracting more than 7.5 million tourists a year. The property benefits from strong fundamentals, including high traffic counts exceeding 54,000 vehicles per day; a regional retail destination serving an extended trade area up to 30 miles; weighted average lease term of more than 10 years and the drawing power of multiple anchor tenants such as Burlington, Hobby Lobby, Five Below and HomeGoods.
The HFF investment sales team representing the seller was led by senior managing directors Jim Hamilton and Richard Reid and associate Brad Buchanan.
“North Lake Square represented the opportunity to acquire a recently built retail center with a dominant tenant line-up on the periphery of Lake Lanier, one of the Southeast’s most notable tourist attractions with over 7.5 million annual visitors,” Hamilton said.
About GH Anderson & Co.
GH Anderson & Co. in conjunction with Brad Johnson and Tim Knight are pleased to have completed the sale of the North Lake Square shopping center. GH Anderson & Co. is a vertically integrated real estate firm offering investment opportunities in new retail and medical office developments, asset management, value-add retail, equity placement and mezz debt with a bespoke structure designed to suit each investment's needs. GH Anderson & Co. partners with best-in-class developers to source and bring deals from inception to disposition. Brad Johnson and Tim Knight offer complete real estate solutions from sourcing new developments to managing the entitlement process to leasing and dispositions. Together, they have over 60 years of experience bringing Class A retail and office to new markets and managing projects from start to finish.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.