Pleasant Hill Square, a 282,137-square-foot power center located in Duluth, Georgia, has sold in an Auction.com sale for $16.4 million. Tony Bartlett and Chip Sipple of Lincoln Property Company Southeast (Lincoln) and Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. GW Real Estate of Georgia LLC purchased the property.
“Pleasant Hill Square sold for strong price for a value add investment, which shows the strength of metro Atlanta’s retail market,” Sipple said. “Investors are actively and aggressively seeking value-add opportunities that are located in good locations.”
Pleasant Hill Square, located at 2205 Pleasant Hill Road within the Gwinnett Place CID, includes an advantageous line-up of national anchors including Toys ‘R’ Us, Staples and Jo-Ann Fabric & Craft Stores. The property is located directly on Pleasant Hill Road with great visibility to over 50,000 cars per day. The property was 49 percent leased at the time of the sale, provides an opportunity for the owner to add significant value through the lease up of 144,641 square feet.
The Gwinnett Place CID is a self-taxing district that uses the additional property taxes of its members to accelerate infrastructure improvements, security enhancements and economic development initiatives.