Welcome! Steve Gunning and Sarah Williams are retail tenant representatives with SRS Real Estate Partners in Atlanta, Georgia. They are experts in retail real estate throughout the southeast, having 30+ years of combined experience representing such retailers as Toys”R”Us, T.J. Maxx, Five Guys, Golfsmith, Carter’s, Moe’s Southwest Kitchen, Hobby Lobby, Shoe Carnival, and many more. Their goal in sharing this newsletter with you is to keep you informed on markets and retail happenings throughout Georgia and the surrounding areas.
Retail Developments on the Rise in Georgia FINALLY! After what has been an interminable wait, retail development in Georgia is on the march again. For the last several years we’ve kept our ears open for the sounds of new retail development in Georgia. But until recently, all we’ve heard is crickets. Now, after sitting around watching grass, weeds and other unwanted things grow over prime development tracts, we now hear the pitter patter of developers, engineers and architects busy at work. Sarah and I recently took an inventory of development activity around Georgia and found well over 30 retail projects in various stages of development throughout the state. Here’s a quick summary of some of our more interesting finds:
Atlanta Area:
Buckhead Atlanta resumed construction in August of this year. This development in the heart of Buckhead is now being spearheaded by Oliver-McMillan. We’re told that they are focusing on luxury brands but announcements have been few and far between. Let’s keep our fingers crossed!
Ponce City Market is located in Midtown Atlanta. This mixed-use development will include 330,000 SF of retail, 400 residential units and some office. Specialty Retail will include unique restaurant concepts from top chefs around the country. The project is inspired by Chelsea Market in NYC.
Emory Point will contain 80,000 SF of Retail Space beneath 443 Gables Residential units. Delivers November 2012. Signed leases include BurgerFi, Fresh To Order, Marlow’s Tavern, Which Wich, The General Muir, La Tagliatella, Paradise Biryani Pointe, Tin Lizzy’s, American Threads, Jos. A. Bank, Lizard Thicket, Loft, and Fab’Rik. CVS will anchor the project with a prominent corner position at the traffic light.
Sandy Springs Gateway is a proposed retail development on Roswell Rd at Windsor Pkwy in Atlanta. This 112,000 SF center is slated for Fall 2013 delivery and is close to Chastain Park and luxury shopping in Buckhead. Anchor, junior boxes, outparcels, restaurants and shop space available.
SouthPoint (McDonough, GA) Phase I is anchored by JCPenney and Kohl’s, who both opened WAY back in 2008. More recently, the following stores opened: Hobby Lobby, Academy Sports, TJ Maxx, Haverty’s, ULTA, Party City, and Five Below. Phase II will be anchored by Movie Tavern. The landlord is seeking restaurants and outparcel users.
Barrow Crossing (Winder, GA) opened in 2009 but quickly stalled out in the downturn. It is anchored by Target and Publix. In 2012, TJ Maxx opened. The developer is seeking additional junior anchors, shops, and outparcel users.
Avalon (Alpharetta, GA) is a new lifestyle center being developed by our friends at North American Properties. Whole Foods and Regal Cinemas will anchor the project. Their “prospect” list is pretty exciting; we’re expecting good things out of this development.
Lake Point Sports (Emerson, GA) will be one of the largest (if not the largest) sports tournament complexes in the country. When fully developed, it will have 16 major-league sized baseball fields, 14 fast-pitch softball and junior baseball fields, an 18 court tennis complex, a 16-acre wake park, a Miracle League field, and a 114,000 square foot indoor facility for gymnastics, wrestling, volleyball, basketball, cheerleading and sports performance training. Lake Point will also include entertainment and shopping destinations for the teams’ traveling families. Seeking hotels, movie theater, restaurants, outdoor sports retailers, etc.
Old National Marketplace (College Park, GA) Phase I delivered in 2011; Phase II is now leasing and will be anchored by a new Burlington Coat Factory, Marshalls, and Beauty Masters. Outparcels are available.
The Outlet Shoppes at Atlanta (Woodstock, GA) Proposed retailers include Saks Off Fifth, Brook Brothers, J. Crew, and your typical outlet lineup. Outparcels to include McDonald’s, Chick-fil-A, and Bob Evans.
Suburban Plaza (Decatur, GA) will be redeveloped with Walmart Supercenter as the new anchor. LA Fitness, hhgregg, Michael’s, and Starbucks are rumored to be considering the project as well.
Outside of Greater Atlanta:
Epps Bridge (Athens, GA) near the University of Georgia will be anchored by Georgia Theater Company, Marshalls, Petsmart, Dick’s Sporting Goods, Ross, Off Broadway, and ULTA. Junior anchor, shop spaces, and outparcels are still available.
Village at Riverwatch (Augusta, GA) is a 320,000 square foot power lineup that is planned next to Costco on Riverwatch Parkway near the South Carolina line. Junior anchor, shop spaces, and outparcels are still available.
Columbus, GA Cabela’s is rumored to be taking over a former Lowe’s on Veteran’s Parkway. Additionally, there is a planned redevelopment of the Midtown Shopping Center on Macon Road; soft goods are mentioned but no signed tenants yet. Small shop retail continues to grow in and around Columbus Park Crossing.
Savannah, GA Whole Foods is finally coming to Savannah. They are planning a unit at Victory Dr. and Truman Parkway. Co-tenants will include Petsmart, Chipotle, and Zoe’s Kitchen.
Village on Pooler Parkway (Pooler, GA) will be a 150,000 square foot community center with 6 outparcels. Several potential retailers have been mentioned, mostly soft goods. Outparcels are going fast with commitments from Logan’s Roadhouse, Olive Garden, and McDonald’s under way.
Mill Creek Station (LaGrange, GA) Phase I will include 180,000 SF of retail. Owners are currently negotiating with anchors. Jr. anchor space will be available, along with about a dozen new outparcel opportunities.
Rome City Center (Rome, GA) is a planned 300,000 square foot power center with 11 outparcels. The entitlement process has held this up a bit, but we’re still expecting this center to become a reality based on the pent up demand in Rome.
Atlanta Retail Market – First Quarter 2012
That’s it in a nutshell. While there are plenty of other projects on the boards, this list represents some of the more exciting developments we’ve unearthed. As Tenant representatives, we meet with developers constantly to stay informed on what’s happening in the marketplace. If you’d like to know more, let’s set a time to get together.
Steve Gunning
Senior Vice President
T: 404.231.1173
F: 404.231.1066
email
Sarah Williams
Vice President
T: 678.686.0257
F: 404.231.1066
email