JLL Arranges Sale of Whole Foods-Anchored Retail Real Estate Asset in Atlanta Submarket

JLL Capital Markets announced May 14 that it arranged the sale of Peachtree Station, a 106,388-square-foot, grocery-anchored retail real estate asset in Chamblee, Georgia, on behalf of seller Harrison Street. The buyer was TA Realty, a Boston-based real estate investment management firm.

Property Overview: A Fully Leased Grocery-Anchored Center

Peachtree Station is positioned along one of Atlanta's primary commercial corridors in Chamblee, offering visibility and access in a submarket that benefits from proximity to Brookhaven, Buckhead and Sandy Springs. The property is 100% leased, with Whole Foods Market occupying 45,136 square feet as the anchor tenant under a lease running through 2037.

According to JLL, the Whole Foods location ranks as the fourth-most-visited store in Georgia and falls within the top 40% of all Whole Foods locations nationwide by foot traffic, drawing an estimated 865,000-plus annual visits. The center's remaining tenant roster includes nationally recognized brands Starbucks, Chipotle, Cava, Verizon Wireless and First Watch.

The trade area has an average household income exceeding $170,000 within a five-mile radius. The property also benefits from daytime employment demand generated by nearby commercial centers and DeKalb-Peachtree Airport, which JLL described as Georgia's second-busiest airport.

Transaction Parties and Advisors

Harrison Street Asset Management, a Chicago-headquartered alternative investment management firm with more than $108 billion in assets under management, was the seller. TA Realty, founded in 1982 and headquartered in Boston with additional offices in Newport Beach, Dallas and San Francisco, was the buyer. Since its inception, TA Realty has acquired, invested in or managed approximately $40 billion of real estate assets as of June 30, 2023, through core, core-plus and value-add strategies, serving pension funds, endowments, foundations and high-net-worth individuals.

JLL Capital Markets' Investment Sales and Advisory team led the sale process. The team was led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan, Andrew Kahn, Vice President Andrew Michols and Analysts Charlie Merrigan, Anton Serafini and John Perry Hilton. The sale price was not disclosed.

About the Firms Involved

JLL is a global commercial real estate services and investment management company with annual revenue of $26.1 billion and operations in more than 80 countries. JLL Capital Markets operates with more than 3,000 specialists in offices across nearly 50 countries, offering investment sales and advisory, debt advisory, equity and fund placement, and related services.

Harrison Street Asset Management manages assets across real estate, infrastructure and credit strategies on behalf of more than 1,100 institutional clients and over 300 registered investment advisors, with offices in Chicago, Toronto, London and across North America, Europe, Asia and the Middle East.

TA Realty invests across core, core-plus and value-add strategies on behalf of institutional and high-net-worth clients.