A partnership between Nuveen Real Estate and SITE Centers Corp. has sold Barrett Pavilion, a 458,740-square-foot retail power center with repositioning opportunities in the northeast suburbs of Atlanta. The new owner is a partnership between Lincoln Property Co. and Stockbridge.
“Barrett Pavilion received a significant amount of interest from institutional investors, developers and private investors,” said Margaret Caldwell, JLL Capital Markets managing director, which represented the seller. “Investors were drawn by the strong demographics, opportunities to reposition the asset and add other commercial uses along with the solid cash flow from strong national tenants.”
The sales price was not disclosed; however, JLL arranged $34.6 million in acquisition financing. Additionally, working on behalf of the new owner, JLL placed the four-year floating-rate loan with one one-year option with Prime Finance.
Barrett Pavilion is situated on approximately 55 acre
