Whole Foods-anchored North Decatur Square development listed for sale at $55 millionThe Whole Foods 365 store in greater Decatur. Photo by Dan Whisenhunt
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This story has been updated.
The North Decatur Square development, a project anchored by a Whole Foods 365 store, is listed for sale.
But a spokesperson for the developer says the company would also consider taking on a financial partner for the center.
Cushman & Wakefield says it is selling the property on behalf of developer SJ Collins Enterprises. The asking price? $55 million.
“The institutional-quality Whole Foods Market 365-anchored shopping center, built in 2018, is fully leased to 23 national and regional tenants including Jason’s Deli, Xfinity, Bad Daddy Burger, Hollywood Feed, Regions Bank, Big Peach Running and Cold Stone Creamery,” a press release from Cushman & Wakefield says. “The anchor tenant, Whole Foods Market 365, represents 41 percent of the retail GLA and is under a new 20-year lease terms with attractive 10 percent contractual rental increases every five years throughout the initial term and all option periods.”
The property is located at North Decatur Road and Church Street and boasts, “prime vehicular and pedestrian access, and shares a signalized access point with Emory Decatur Hospital.”
“The property is located five miles east of Midtown Atlanta and serves a high-growth, affluent trade area encompassing downtown Decatur, Emory University, Emory Medical Campus and the Centers for Disease Control,” the press release says. “North Decatur Square serves a daytime population of 160,503 residents within a three-mile radius.”
In an email, a spokesperson for SJ Collins said the developer “is looking for a financial partner for the center.”
The press release from Cushman & Wakefield identifies SJ Collins as the “seller.”
When asked whether the company is planning to sell the property outright, the spokesperson said, “They’re exploring options at this point.”
The anchor tenant, Whole Foods 365, will likely become a regular Whole Foods store due to the company scrapping the 365 concept.