SRS’ Investment Properties Group (IPG) exclusively marketed and brokered the sale of an outparcel to the Village Shoppes at Creekside. The three-tenant retail strip center is located at 860 Duluth Highway in Lawrenceville, Ga. The strip center was built in 2006, and consists of 5,452 square feet on 1.012 acres of land directly in front of Village Shoppes at Creekside. It is 100% occupied by a mix of internet resistant tenants including Chipotle Mexican Grill, Tropical Smoothie Café, and service provider, AccuQuest Hearing Centers. The high-profile position at the southwest corner of the intersection of Duluth Highway and Lawrenceville Suwanee Road, is bolstered by a combined traffic count of 84,900 VPD. The tenants at Village Shoppes at Creekside profit from the asset’s immediate access to some of Gwinnett County’s largest employment bases, located just minutes from the property, including Gwinnett Medical Center, which serves as the third-largest employer in the county. The seller, Lamar Companies, sold the property on January 29, 2020 for $2.55 million to Forten, LLC.
“Our extensive database of retail investors and aggressive marketing continues to enable us to identify many strong buyers for strip centers, particularly those featuring regional and national branded tenants,” said Boris Shilkrot, associate, of SRS’ Investment Properties Group. “We generated excellent interest in this asset, leading to upwards of ten competitive offers from buyers which were under the radar or in 1031 exchanges, before finally transacting with an international investor.”
Pierce Mayson, managing principal, and Boris Shilkrot, associate, of the Investment Properties Group in the SRS Atlanta office, represented the seller in the transaction. Juanita Leibu, real estate agent, with Keller Williams Real Estate, represented the buyer in the transaction.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit www.srsre.com.