Slate Buys $10M Atlanta Shopping Center

By Tudor Scolca

Duluth Station Shopping Center

Slate Retail REIT acquired Duluth Station Shopping Center for $9.8 million from Forge Capital Partners. The property was marketed by HFF on behalf of the seller. It is located at 2750 Buford Highway, in Atlanta’s northern suburb of Duluth. The Publix-anchored shopping center is 81 percent leased and totals 94,966 square feet of retail space. It was built in 1997, the current tenant roster also including Kumon Math & Reading, Great Clips, H&R Blocks, St. Vincent de Paul, Panda Garden and Grand Tire.

Prime retail location

Duluth Station Shopping Center is located 27 miles from downtown Atlanta, at the Buford Highway and Old Peachtree Road junction. The area has a daily vehicle count of about 22,000 and the average annual household income within a three-mile radius exceeds $95,000, according to HFF.

The HFF investment sales team marketing the property included senior managing directors Jim Hamilton and Richard Reid, as well as associates Mike Allison and Brad Buchanan. “Duluth Station represented a rare opportunity to acquire a dominant, high-performing Publix-anchored shopping center in one of the fastest-growing and affluent submarkets of the Atlanta MSA“, said Jim Hamilton, in a prepared statement.

Earlier this year, Slate Retail REIT also closed a binding agreement to purchase Mooresville Consumer Square, a Walmart-anchored property located 30 miles north of Charlotte, N.C., for $53 million.

Image courtesy of HFF