May 31, 2019
Ackerman Retail Closes Sale of Shoppes on Sugarloaf Retail Center to South Coast Commercial Inc. for $4.425 Million
Property’s prime location next to Infinite Energy Center and the upcoming $1-billion Revel Gwinnett entertainment and mixed-use center generates strong investor interest
ATLANTA, May 31, 2019 – Ackerman Retail has completed the sale of the 16,600-square-foot Shoppes on Sugarloaf neighborhood shopping center in Duluth, Ga., in the heart of Gwinnett County’s retail corridor for $4,425,000.
Ackerman Retail Senior Vice President Sean Patrick, CCIM, represented the seller, a private investor based in Florida, in the sale of the property to South Coast Commercial Inc. Shoppes on Sugarloaf is located next to Infinite Energy Center and the future $1-billion Revel Gwinnett mixed-use and entertainment center.
Featuring a mix of national retail brands, regional restaurants and local service tenants, the property is stabilized.
“The Shoppes on Sugarloaf offers the buyer an ideal retail location in Gwinnett County’s strongest retail, business and entertainment hub. Combined with the property’s synergistic tenant mix, high occupancy rate and strategic location next to Revel Gwinnett, this made for a very attractive investment,” said Sean Patrick.
He added, “We received seven or eight purchase offers in the first week Shoppes on Sugarloaf went on the market. With the property’s close proximity to a mixed-use project generating excitement in the submarket, investors are confident they’ll be able to push rental rates.”
Located at the intersection of Sugarloaf Parkway and Meadow Church Road, the Shoppes on Sugarloaf offers two points of ingress/egress and recent improvements including new monument signage, upgraded HVAC systems, new roofing, and a recently sealed and striped parking lot.
“This transaction is a testament to the ongoing efforts of the retail investment sales team, resulting in numerous top-dollar retail center closings so far this year across the Southeast. Sean did an outstanding job exceeding the seller’s expectations,” said Ackerman Retail President Leo Wiener.
About Ackerman & Co.
Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast. The company, founded in 1967, retains an expert team of more than 100 real estate professionals. To date, Ackerman & Co. has developed and acquired more than 37 million square feet of office, medical, industrial, retail and mixed-use space, has nearly 8 million square feet under management and maintains an investment portfolio valued at $1 billion.
Ackerman Retail, a division of Ackerman & Co., offers a best-in-class services platform, delivering solid results for local and multi-market clients across the Southeast. To date, Ackerman Retail has completed more than 10 million square feet of transactions valued at nearly $2 billion.
For more information, visit www.ackermanco.com