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| Lovejoy Village Shopping Center, Jonesboro, GA |
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| Jim Hamilton |
ATLANTA, GA –- Holliday
Fenoglio Fowler, L.P. (HFF) announces that it has closed the $9.125 million
sale of Lovejoy Village, an
84,711-square-foot, dominant neighborhood shopping center anchored by Kroger in
the Atlanta-area community of Jonesboro, Georgia.
The HFF team marketed the property on behalf of
the seller, Phillips Edison & Company, Inc.
(“PECO”). Glen Una Properties, Inc.
purchased the asset.
Lovejoy Village was constructed in 2001 and is
currently the only neighborhood center within a three-mile radius.
The
98-percent-leased shopping center is anchored by the No. 1 grocer in Georgia,
Kroger, which includes its own fuel station, providing long-term income
security for the owner.
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| Brad Buchanan |
It is home to a variety of national and regional tenants,
including the Kroger anchor and Kroger Fuel station, Workout Anytime, Marco’s
Pizza, Jersey Mike’s Subs and Young Smiles Dentistry.
The property is situated on 10.4 acres on the “going home” side of
U.S. Highway 41, which has more than 51,000 vehicles pass by the property each
day and is in the submarket’s main retail node.
Lovejoy Village is proximate to
Atlanta’s primary economic driver, Hartsfield-Jackson International Airport,
and is strategically located only 22 miles south of downtown Atlanta in a
healthy submarket consisting of nearly 1.2 million square feet of retail that
is 95 percent leased within a three-mile radius.
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| Michael Allison |
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.
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| Andrew Kahn |
PECO has generated strong operating results over its 27+ 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.
The company remains exclusively focused on creating great grocery-anchored shopping experiences and improving the communities it serves one center at a time.
CONTACTS:
JIM HAMILTON
GA Lic. #270038
HFF Senior Managing Director
(404) 832-8460
KIMBERLY STEELE
HFF Digital Content/Public Relations Specialist
(713) 852-3420
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