ATLANTA, GEORGIA (August 25, 2021) – SRS’ Investment Properties Group exclusively marketed and brokered the sale of Shannon Crossing, a 101,174-square-foot neighborhood center, grocery-anchored by Kroger, and located in Union City, Georgia which is in the heart of the Atlanta MSA. For over 41 years, Kroger has anchored the center, which has created a loyal consumer base. The center’s highly strategic location at 4550 Jonesboro Road is adjacent to Interstate 85, one of the Southeast’s most heavily trafficked interstates. With immediate access from Exit 64 and accommodating 153,000 vehicles per day, Shannon Crossing has a significant advantage in serving not only the community, but also the rapidly growing commercial sub-market with a thriving industrial corridor, which is home to installations for Amazon, Procter & Gamble, Kraft Foods, Dendron, and XPO Logistics.
About 97% occupied, Shannon Crossing has a strong mix of national and regional retailers which accounts for over 81.8% of the total GLA. The tenant roster includes Advance Auto Parts, Chase Bank, T-Mobile, The UPS Store, Papa John’s, J.R. Crickets, and more. Forge Real Estate Partners III, LP, a joint venture between Forge Capital Partners and The Sembler Company, sold the property on August 11, 2021, for $19.4 million to Flesh and Soul Enterprises, LLC. In 2015, the SRS IPG team marketed and sold the center to Forge Real Estate Partners III, LP on behalf of the previous owner.
“We were thrilled to get Shannon Crossing sold for the second time in six years”, said Kyle Stonis, managing principal of SRS’ Investment Properties Group. “The tremendous activity and interest we had from private investors is a testament to the elevated appetite we continue to see for grocery-anchored retail in major markets throughout the Southeastern U.S.”
Kyle Stonis, managing principal, and Pierce Mayson, managing principal, of the Investment Properties Group in the SRS Atlanta office, represented the seller in the transaction. The buyer was self-represented 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 srsre.com.