CBRE and German investor buy Atlanta retail center
CBRE Global Investors and German investment company Universal-Investment have acquired North Point MarketCenter, a 427,053-square-foot class A regional retail center located in an affluent suburb of Atlanta. A price was not disclosed.
The acquisition was made on behalf of Bayerische Versorgungskammer, one of Germany’s largest institutional investors. The asset is 97 percent leased.
North Point MarketCenter is located within Alpharetta, Georgia’s dominant retail area at the corner of North Point Parkway and Haynes Bridge Road.
CBRE Global Investors plans to make select capital improvements, including enhancements to way-finding, curb appeal and signage, and will drive performance through active asset management. In addition, new tenants will be opening soon.
“Economic fundamentals, such as employment growth that is significantly above the national employment growth rate and healthy retail sales, have placed the Atlanta retail market on pace for continued positive growth,” said Stu Sziklas, managing director for CBRE Global Investors-Americas, in a statement. ”We see opportunity with dominant retail centers, and the retailers we have at North Point MarketCenter, who represent the segment-leading brands in their respective categories, are well-positioned in this environment.”
“German institutional investors increased their stake in North American properties on our platform in the last three years significantly as they are looking for geographical diversification abroad,” said Alexander Tannenbaum, managing director at Universal-Investment in charge of the real estate division, in a statement. “With its location in one of the largest retail agglomerations in the Atlanta area and its established retail concept, the high-quality North Point MarketCenter is a strategic supplement for the BVK mandate.”