Pleasant Hill Square, a 282,137-square-foot power center located in Duluth, Georgia, has been listed on Auction.com and the auction is set to begin on Tuesday, Sept. 29, and end on Wednesday, Sept. 30. Tony Bartlett and Chip Sipple of Lincoln Property Company Southeast (Lincoln) and Kyle Stonis and Pierce Mayson of SRS are representing the seller.
“The broader Atlanta retail market has been enjoying steady improvement over the past year,” said Tony Bartlett, senior vice president at Lincoln who oversees the Atlanta office. “Overall retail vacancy declined to the current rate of 7.7 percent, down from 8.2 percent in the first quarter of this year from previous quarters. The Gwinnett County submarket generally mirrors the broader market improvements with vacancy only slightly behind the overall rate of 8.3 percent, down from 8.8 percent in the first quarter.”
Located at 2205 Pleasant Hill Road, the property is strategically positioned within a significant retail corridor, located just northwest of I-85. Toys ‘R’ Us, Staples and Jo-Ann Fabric & Craft Stores anchor the center, which is 49 percent occupied. The center features good visibility with multiple access points from Pleasant Hill Road and provides a strong value-add opportunity.
The property sits within the Gwinnett Community Improvement District (CID), which has been actively engaged in improving the community as of recent. In early September, the CID recently released its ACTivate Gwinnett Place master plan, which calls for the redevelopment of Gwinnett Place Mall, with the addition of more green space, and connectivity and transportation improvements. The CID is also testing recycled pathways throughout the city, and in August hosted The Gr8 Exchange, fostering conversations among residents about transportation.