Single-tenant retail building in Atlanta area sells for $24.5m
Nuveen Real Estate has sold a 216,251-square-foot, single-tenant retail building leased to a global discount department and grocery store tenant within Fayette Pavilion in the Atlanta-area community of Fayetteville, Ga.
A private investor acquired the asset for $24.5 million.
Walmart, an investment-grade and industry-leading tenant, has occupied the building since 1996 and recently executed an early 10-year renewal, while initiating substantial renovations in 2020 to add a health services component to meet the needs of Fayetteville’s growing population and uptick in customer volume. The store welcomes 2.1 million visitors annually and is part of Fayette Pavilion, a top 1 percent most-visited center in the United States.
It is situated at 125 Pavilion Parkway, and the population within 15 miles is anticipated to increase an additional 6.1 percent before 2026, eventually housing nearly 815,000 residents. The property is located within five miles of Town at Trili