ALDI-anchored retail center trades for $17.3M in Tucker, Georgia

ATLANTA, Dec. 17, 2024 – JLL Capital Markets announced today that it has facilitated the $17.3 million sale of Northlake Square, a 82,578-square-foot retail center located within the Atlanta MSA in Tucker, Georgia.

JLL represented the seller and owner, Northlake Square, LLC and the property manager, Barnhart Commercial Management LLC. Greenberg Gibbons acquired the asset.

Constructed in 1988, Northlake Square is 98% occupied with a diverse mix of national and local retailers and anchored by ALDI, Best Buy and Mellow Mushroom. The offering presented investors with significant income security with nearly 20 years of average tenure and upside potential via several mark to market opportunities.

Tucker, Georgia, is an established Atlanta submarket that is experiencing tremendous growth and transformation. The center is directly adjacent to I-285, Atlanta’s beltway, with traffic counts approaching 200,000 vehicles per day and serves an extremely dense trade area with over 300,000 residents in a five-mile radius.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Director Andrew Kahn.

"The acquisition of Northlake Square demonstrates the market's appetite for well-positioned, grocery-anchored retail centers within growing submarkets of major metros," Hamilton commented. "The center's strong tenant mix, led by ALDI and Best Buy, combined with its strategic location make it a valuable addition to any diversified portfolio."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Barnhart Commercial Management, LLC is a seasoned developer and owner of retail shopping centers across the southeastern United States. With over three decades of comprehensive experience in retail real estate, the company manages all aspects of its properties in-house, including property management, asset management and leasing services. This integrated approach has enabled Barnhart Commercial Management to maintain resilience and success through various economic cycles.

Celebrating 56 years of success, Greenberg Gibbons is one of the East Coast’s premier developers, investors, owners and operators of mixed-use, retail, commercial and residential properties. The firm’s rapidly expanding portfolio includes more than 6.7 million square feet and $1.6 billion in assets. Its innovative ground-up development and revitalization projects create engaging destinations and inspiring experiences, while making a positive ripple effect in the communities they serve. Headquartered in Baltimore, Greenberg Gibbons has more than 55 projects across seven states. For more information, visit www.ggcommercial.com.