Revamped Georgia mall is sold to New York investors
Clayton County, south of Atlanta, was hit hard by home foreclosures during the Great Recession, and so was its largest shopping venue, Southlake Mall in Morrow. It, too, was foreclosed upon.
The area has since rebounded, and Southlake along with it. The 1,015,984sq.-ft. mall near Hartsfield-Jackson Atlanta International Airport revived its tenant lineup, signing H&M and Forever 21’s family-oriented store F21 Red to join its thriving Macy’s anchor. It also has pursued densification with the addition of the headquarters of Chime Solutions, a customer relationship management company.
Vintage Capital Group of Los Angeles, the company that purchased the mall out of foreclosure in 2014, recently sold Southlake for a reported 20% return. According to Atlanta news site AJC, CityView Commercial LLC and Jacobs Real Estate Advisors, both based in New York, bought the property for $45.3 million.
“Southlake Mall has the benefit of being in a highly visible location on one of Georgia’s busiest interstates,” said David F. Monahan, managing director of JLL Capital Markets, which brokered the deal on behalf of Vintage.
Monahan noted that Vintage’s renovations and re-curation of Southlake has resulted in significant increases in both traffic and sales.
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