A sprawling Cumberland shopping center and a Buckhead retail redo isn't the last we'll hear about FCA Partners in Atlanta, the two principals vow.

A Charlotte-based spin-off of Faison Enterprises, established in 2014, FCA made headlines with its $43.9M purchase this June of Parkway Pointe for $43.9M—a nearly 200k SF AMC-anchored center off Cobb Parkway just a mile from the future Braves' SunTrust Park—and its acquisition of the 48,500 SF Buckhead Exchange, purchased for $15.2M in 2013. Now FCA's Win Kelly and Al Lindemann say they're scouting the metro market for more properties. “We're always looking all over the Southeast, but primarily in the higher growth markets of the Southeast,” Win says. FCA is expected to renovate and "reskin" Buckhead Exchange, Al says.

The duo see Atlanta's recovery as “sustainable,” even when focusing on intown retail sites versus the suburbs (where prices are lower and caps higher, on average). FCA invests on behalf of some unnamed pension funds “who are just starved for yield,” Win says. The firm does invest in multifamily and office, but it is “biased” to retail at the moment. “We sort of missed what was the true buying opportunity on the office side” back in 2010 through 2012. As for retail, Atlanta's patchwork of properties within I-285's confines are seeing caps at 6% or more—a level FCA's comfy with, Win says. But there are places where that's going sub-5% or even lower. “I think retail cap rates are hitting levels that people who've been in the business a long time can't really wrap their heads around,” Al says.