Newmark announced today the sale of Reynolds Crossing, a 45,809-square-foot shopping center shadow anchored by Kroger in the fast-growing Atlanta suburb of Duluth, Georgia. Built in 2005, Reynolds Crossing is located near the Gwinnett Place Mall at 3780 Norcross Road and is 100 percent leased. The center’s tenants include Chase Bank, Subway, Little Caesars, MetroPCS and UPS.
Weingarten sold Reynolds Crossing to Atlanta-based Leaders Investment Group. Newmark Senior Managing Directors Mark Joines and Drew Fleming represented the seller.
The transaction reflects a bullish outlook by investors on grocery-anchored shopping centers located in suburban areas, especially in Atlanta and other high-growth Sun Belt metropolitan markets. Recent studies show that approximately 95 percent of grocery transactions are conducted at physical stores rather than online, with 99 percent of U.S. adults reporting that they regularly shop at brick-and-mortar shopping centers.
“Investor demand remains very strong for grocery-anchored centers in high-growth suburban areas like Gwinnett County,” Joines said. “The in-store shopping experience continues to be the clear top choice across all demographics, with upward revenue growth in grocery and necessity-based retail signaling a bright future for the tenants and owners at Reynolds Crossing.”
Gwinnett County continues to be an attractive option for employers and residents. A top-rated school system, abundant supply of jobs and community amenities have made the county a top choice for families moving to and within metro Atlanta, with Gwinnett’s population expected to surpass one million residents within the next few years. More than 60 international companies have chosen Gwinnett County for their U.S. or global headquarter operations. Approximately 65,000 employees work within three miles of Reynolds Crossing.
In addition to Gwinnett Place Mall, other top entertainment destinations located near Reynolds Crossing include Infinite Energy Arena, Sugarloaf Mills, Hudgens Center for the Arts and the Red Clay Theater.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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