Suwanee Food Company Buys Big Retail in Duluth
A Suwanee-based frozen seafood importer is buying a once-ailing Duluth retail center. A&D Foods, through founder Sengiri Angkawijana, has purchased Venture Pointe, a 335k SF power center just off Steve Reynolds Boulevard in Duluth, overlooking I-85. The center is home to Golf Smith and Big Lots. A&D Foods paid $15.7M from Wells Fargo Bank through Auction.com. Sengiri did not return calls before press time.
But what may be the biggest gain is just the sheer amount of retail in Duluth. Venture Pointe consists of eight separate retail properties that include a shuttered Babies 'R' Us and Target. The retail centers straddle both sides of the retail corridor of Venture Drive and are adjacent to Costco and Dave & Buster's. "Venture Pointe garnered significant interest from the investment community because of its strategic location and significant value-add potential," says Lincoln Property Co's Tony Bartlett, who brokered the sale along with Lincoln's Chip Sipple and SRS's Kyle Stonis and Pierce Mayson. Venture Pointe is barely a mile away from Gwinnett Place Mall, the once-struggling 1.3M SF indoor mall picked up by Moonbeam Capital in 2013.