Second Duluth Power Center Hits Auction.com
A half-filled Duluth area retail power center will be the latest to test the online real estate auction market tomorrow. Lincoln Property's Tony Bartlett and Chip Sipple as well as SRS Realty Partners' Kyle Stonis and Pierce Mayson are putting Pleasant Hill Square on the Auction.com block tomorrow. The 282k SF power center is half filled with Toys 'R Us, Staples and Jo-Ann Fabric & Craft Stores anchoring the project (the Barnes & Noble and Old Navy have long since shuttered there). Officials are hoping a perceived improvement in that Gwinnett County retail market along Pleasant Hill Road will feed demand, with bids starting at $4M. This is the second area power center that will have an auction shot: Earlier this month, Lincoln and SRS partnered and sold Venture Pointe, a 335k SF power center a mile south of Pleasant Hill Square, to a local investor for $15.7M.
