Update: Duluth's Second Big Auction
A long-delayed auction of a Duluth power center has finally solidified at more than $16M. A NY investor—via the LLC GW Real Estate of GA—paid $16.4M for Pleasant Hill Square, a 282k SF power center anchored by Toys R Us, Staples and Jo-Ann Fabric & Craft in another major value-add investment in the Duluth area through an Auction.com sale. Officials with the company declined to comment on its plans for the center.
The center is far short of full—both Barnes & Noble and Old Navy have long since shuttered there—but sales brokers previously told us much of the Duluth market—with a strong Asian tenant roster around the Pleasant Hill Road corridor—is thriving on a perceived improvement of the area. Lincoln Property's Tony Bartlett and Chip Sipple, along with SRS's Kyle Stonis and Pierce Mayson brokered the sale. Late last year, the team also sold Venture Pointe, a 335k SF power center just a mile south of Pleasant Hill Square to A&D Foods, through founder Sengiri Angkawijana (here), for $15.7M.