A shopping center in the heart of Stonecrest sold for nearly the same price at the entire Gallery at South DeKalb mall, according to AJC.
Turner Hill Marketplace, a strip mall with more than 124,000 square feet of retail space, was recently acquired by two Miami-based real estate firms for $16.8 million. M Street Holdings and Highline Real Estate Capital acquired the fully leased property. The retail center is anchored by Burlington, American Signature Furniture and Chapel Beauty locations.
Turner Hill Marketplace sold for the nearly the same amount as the 71-acre Gallery at South DeKalb mall, which was sold via a December auction for $19 million. The mall, located in Atlanta’s Panthersville neighborhood, lacks an anchor tenant — unlike the Turner Hill location and the Mall at Stonecrest.
Stonecrest’s mall, which has teetered on the edge of foreclosure since early 2020, almost changed hands last year. However, a venture capital group backed out of a purchasing agreement last summer.
Despite that, the retail center has welcomed multiple attention-grabbing projects over the past year. An aquarium opened in a former Sears building at the mall, and the New Black Wall Street Market opened across the street.
David Milgram, founder and managing principal at M Street Holdings, confirmed the sale to The Atlanta Journal-Constitution and said the site’s size and proximity to I-20 were both selling points. The 13.5-acre location is in the Mall of Stonecrest area, which is just south of the interstate.
“(There is) strong growth in Atlanta.” he said Tuesday. “We’re seeing strong growth in most of the southeast, and we just want to buy and invest in where the growth is.”
The Palomar Group arranged the sale on the behalf of Atlanta-based RCG Ventures. The sale was made public at the beginning of February.
The marketplace was built in 2001 and renovated in 2017. Its anchor tenants all have at least seven years remaining on their respective lease. Milgram said the new owners will maintain the property and its current leases, while looking for future investment opportunities in the Atlanta area.
