Walmart has occupied the property since 1996.
Nuveen Actual Property has accomplished the $24.5 million sale of a 216,251-square-foot Walmart-occupied retail constructing inside Fayette Pavilion in Fayetteville, Ga. A JLL Retail Capital Markets crew represented the vendor and procured the client, a non-public investor.
One of many largest open-air buying facilities in Georgia, the 146-acre Fayette Pavilion totals 1.5 million sq. ft of retail house. Nuveen acquired the property in 2007 for $152.2 million, in line with CommercialEdge knowledge.
Walmart has totally occupied the constructing at 125 Pavilion Parkway since 1996 and has just lately signed a 10-year renewal of its lease. The retail large renovated all the house in 2020 to incorporate a well being services-related part. The shop is near many Atlanta-area suburbs, inside 20 miles of downtown Atlanta.
The JLL crew was led by Senior Managing Director Jim Hamilton, Senior Director Whitaker Leonhardt and Director Michael Brewster.
Atlanta’s retail revels
Atlanta’s inhabitants development, motivated by profitable jobs at corporations akin to Microsoft and Google, has generated demand for extra retail house, and town’s fundamentals positively mirror such tendencies, in line with a 3rd quarter 2022 report from Marcus & Millichap. The metro will add 1.8 million sq. ft to its stock by the tip of the 12 months, having gone by way of its second 12 months in a row of sub-5 % house availability, the report knowledge reveals.
The tendencies mirror the nation’s sturdy retail-related vitals, as client spending has grown considerably throughout all sectors, even within the face of rampant inflation and supply-chain breakdowns.
