Hickory Flat Village at 6175 Hickory Flat Highway in Canton, Georgia — Courtesy: JLL
By Joshua Burd
A real estate investment trust has shed a nearly 78,000-square-foot shopping center in Bergen County as part of a four-state, $115 million portfolio sale arranged by JLL.
According to the listing team, Medipower purchased the collection of seven grocery-anchored properties totaling roughly 558,000 square feet. They include Lewandowski Commons at 430 Lewandowski St. in Lyndhurst, which is anchored by Stop & Shop and spans 77,761 square feet.
The Atlanta metro, the eighth-largest trade area in the United States and the top moving destination in the country, accounts for four properties: Hickory Flat Village in Canton, Deshon Plaza in Stone Mountain, Flat Shoals Crossing in Decatur and Cascade Corners in Atlanta, the news release said. Other assets include The Plaza at Carolina Forest in Myrtle Beach, South Carolina and Kroger Plaza in Virginia Beach.
JLL’s Jim Hamilton, Brad Buchanan, Andrew Kahn, Anton Serafini, Kevin O’Hearn, J.B. Bruno, Jose Cruz, Jordan Lex, Daniel Naughton and Tom Kolarczyk arranged the portfolio sale, noting that the properties have been institutionally maintained and are 99.6 percent occupied in aggregate. The firm’s Gregg Shapiro, Jim Cadranell, Jon Mikula, Hunter Goldberg, Kelsey Bawcombe, Streeter Simmons and Caleb Henry arranged acquisition financing for the buyer.
“The East Coast Grocery Anchored Portfolio generated significant investor interest, reflecting the continued robust flow of capital into the retail sector,” Hamilton said. “The strong market response underscores investor confidence in grocery-anchored retail as a resilient asset class. Each property in the portfolio is anchored by a top-performing grocer with strong sales performance, providing stable cash flows and long-term value.
“The portfolio represented a unique opportunity for investors to gain immediate scale and meaningful market presence across premier Sunbelt and Southeast markets, which continue to benefit from favorable demographics, population growth and dynamic economic fundamentals that are driving retail demand.”
