JLL Arranges $21.2M Sale of Publix-Anchored Dahlonega Village; Austin Sumner Properties Represents Buyer

JLL Capital Markets has arranged the $21.2 million sale of Dahlonega Village, a 65,242-square-foot, Publix-anchored retail center at 23 Maxwell Lane in Dahlonega, Georgia, the firm announced Nov. 3. JLL represented the seller, Watkins Real Estate Group, while Austin Sumner Properties represented the private buyer that acquired the property.

The center sits within the Atlanta metropolitan statistical area. The sale price works out to approximately $325 per square foot.

JLL Handles Sale of Dahlonega Village for Watkins Real Estate Group

Dahlonega Village was built in 2024 on approximately 13.4 acres and is 100% leased. Publix occupies the majority of the center's gross leasable area, approximately 74%, under a lease with more than 19 years of term remaining. Publix also contributes more than 55% of the property's income. The center is also marketed as Publix at Dahlonega Village.

The JLL Capital Markets team was led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Senior Analyst Charlie Merrigan.

Watkins Real Estate Group is an Atlanta-based real estate development and investment firm that specializes in grocery-anchored retail centers, multifamily communities and other commercial properties across the Southeast. The firm has a track record spanning more than four decades.

Austin Sumner Properties Represents Private Buyer

Austin Sumner Properties represented the private buyer. Founded in 1984 and headquartered in Athens, Georgia, the firm provides brokerage, property management and development services. It has completed more than $1.5 billion in sales volume since 2016 and manages approximately 3 million square feet of real estate, with a portfolio that is 99.5% leased. The firm serves clients in Georgia, South Carolina, North Carolina, Tennessee, Florida and Alabama.

Tenant Mix and Property Details

The shop space is fully service-oriented. Tenants alongside Publix include Great Clips, UPS, Lifestyle Nail Bar, Spice Wing, Jersey Mike's Subs, Tropical Smoothie Café, Rachel Remington Design, Itala Pizza and Hacienda Bar & Grill. The Publix component totals 48,387 square feet, with the balance consisting of shop and service-oriented space. The shop space carries approximately seven years of weighted average remaining term.

Trade Area and Location Factors

Dahlonega Village has direct access to GA-400, which carries more than 40,000 vehicles per day and provides connectivity for shoppers traveling from throughout the North Georgia mountains. The property is the only grocery-anchored center within a 5-mile radius, and the closest competing Publix or Kroger location is more than 60 miles to the north. The center is also near Lake Lanier, a regional recreational destination that draws millions of annual visitors to the broader trade area.

More than 198,000 residents live within a 15-minute drive of the property, a population expected to grow further by 2030. Average household incomes in the area exceed $114,000. The University of North Georgia's main campus, which enrolls more than 7,200 students, is also in Dahlonega, approximately 6.3 miles from the property. The broader Atlanta MSA is home to more than 6.2 million residents and 16 Fortune 500 company headquarters.

Pricing in the Atlanta Retail Market Context

At roughly $325 per square foot, the sale priced above recent Atlanta retail averages. Matthews reported an average Atlanta retail price of $242 per square foot and an average market cap rate of 7.16% in the third quarter of 2026. Lee & Associates reported a 7.6% average retail cap rate in the third quarter, with investor demand focused on necessity-based and grocery-anchored centers. Atlanta-wide averages include older assets and differently located properties, so they are not a direct comparison for a newly built, fully leased center.

Atlanta retail fundamentals remained comparatively resilient in 2026, with 4.5% vacancy and 362,000 square feet of net absorption in the second quarter. Investment activity has concentrated in grocery-anchored centers and well-located suburban assets, while properties requiring substantial leasing or redevelopment work face more selective underwriting. Hines research on its Atlanta portfolio found that the right grocery anchor can lift surrounding property rents by roughly 25% above market.

JLL said the transaction underscores continued investor demand for grocery-anchored retail assets with long-term leases, minimal nearby competition and exposure to affluent, expanding submarkets.

About JLL

JLL (NYSE:JLL) is a global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of approximately 112,000 as of Sept. 30, 2026. Its Capital Markets group has more than 3,000 specialists worldwide with offices in nearly 50 countries.

Sources

JLL newsroom: JLL Capital Markets arranges $21.2M sale of Dahlonega Village