October 31, 2019 – JLL announced today that it closed the sale of and secured acquisition financing for Cobb Place, a 335,190-square-foot premier retail destination in the suburban Atlanta community of Kennesaw, Georgia.
JLL marketed the assets on behalf of the seller, a partnership between DRA Advisors LLC and RCG Ventures LLC. A fund sponsored by Wicker Park Capital Management purchased the asset. Additionally, working on behalf of the new owner, JLL placed the seven-year, fixed-rate acquisition loan with Goldman Sachs.
Cobb Place boasts the largest concentration of furniture and home-centric retailers in the Atlanta MSA, including Bassett Furniture, American Signature Furniture, Ashley Furniture, Bed Bath & Beyond, Cost Plus World Market and Hobbytown USA. Other tenants of the 95%-leased center include DSW, Jersey Mike’s, Play It Again Sports and more. Many of the property’s retailers rank first in the Atlanta district or report robust sales. Situated on 30.9 acres at 840 Ernest W. Barrett Parkway in Kennesaw, the property is northwest of downtown Atlanta within a dominant retail submarket that has a daytime population of nearly 120,000. Additionally, the center is proximate to Kennesaw State University, which has an enrollment of more than 35,000 students, and more than 60,000 residents earning an average annual household income of $87,229 live within a three-mile radius of Cobb Place.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Jim Hamilton and Director Brad Buchanan.
The JLL Capital Markets debt placement team representing the borrower was led by Managing Director Chip Sykes.