Big V Property Group and Equity Street Capital have purchased Johns Creek Town Center, a 303,297-square-foot community shopping center located in Suwanee, Ga. The previous owner was SITE Centers Corp., according to CommercialEdge information. A sale price was not disclosed.
The deal marks the partners’ second acquisition this year. In February, the firms entered the Indianapolis market with their purchase of Merchants’ Square, a 232,284-square-foot shopping center in the suburb of Carmel.
READ ALSO: Retail’s the ‘Belle of the Ball’ Again
Johns Creek Town Center is also Big V’s fifth acquisition in Georgia, and now its largest asset in the state. The North Carolina-based firm also owns four other community centers in Brunswick, Cornelia, Loganville and Griffin.
For the seller’s part, the deal is the latest in a string of recent retail dispositions across the Southern U.S. In two separate transactions, the firm has sold a retail center near Nashville, Tenn., and a shopping center in the Metroplex for a combined $77 million.
A retail center near Atlanta
Johns Creek Town Center came online in 2000 on a 30.3-acre site, CommercialEdge shows. Tenants at the five-building retail center are a mix of clothing, grocery and department stores, and feature Market by Macy’s, HomeGoods, Sprouts, Ulta Beauty, Michael’s, Sketchers and PetSmart, among others. Prior to the sale, JLL and SITE Centers handled leasing at the property.
Located at 3630 Peachtree Parkway, Johns Creek Town Center is within a 3-mile radius of a population of roughly 75,000. Area retailers include T.J. Maxx, Ross Dress for Less, Publix, Lowe’s and Home Depot. Downtown Atlanta is 25 miles to the southwest.
More retail space needed
Atlanta continues to see high demand for retail space, according to a recent Colliers report. The metro ranked fourth in the nation for retail investment sales in 2023.
Additionally, in the first quarter of this year, the vacancy rate remained near a record low at 3.6 percent, 250 basis points below the 10-year average. However, the total square footage under construction was at its lowest since 2010 and is estimated that Atlanta’s retail market will continue to be supply constrained.