The Atlanta Journal-Constitution
THIS LOCAL SHOPPING MALL GETS A NEW OWNER
Southlake Mall in Clayton County has been sold to a joint venture between two New York real estate companies.
CityView Commercial LLC and Jacobs Real Estate Advisors in January acquired the 100-acre property in Morrow, about 15 miles south of downtown Atlanta, from Vintage Capital Group of Los Angeles, according to a news release.
The two-level mall, which struggled following the Great Recession, and tumbled into foreclosure, lost several high-profile tenants. But Southlake enjoyed a rebound in recent years as Vintage added new retailers, including H&M, and converted one of the mall’s anchor stores into office space for a telemarketing company.
Brick-and-mortar retail has been battered by online competitors, such as Amazon, as well as compressed sales margins.
Mall developers, meanwhile, have updated their rosters of tenants to provide shoppers with fresh experiences, dining, entertainment, or, in the case of Southlake, converting empty anchor stores for other uses like office space.
Phipps Plaza in Buckhead has added a Legoland Discovery Center, apartments, new restaurants and is currently building a $200 million-plus expansion involving a Nobu Hotel and flagship restaurant, office tower and a fitness center. NorthPoint Mall in Alpharetta also has plans for a major overhaul involving new apartments and a new outdoor plaza.
A message left for CityView was not immediately returned. The company’s website says it focuses on “distressed” properties.
Vintage acquired Southlake out of foreclosure for $37.1 million April 2014.
The news release did not disclose a sales price, but Clayton County property records show the Southlake property was sold by a Vintage affiliate on Jan. 16 for nearly $45.3 million.
Southlake is located along I-75 and Jonesboro Road and its retailers include Macy’s, Victoria’s Secret and Foot Locker. CityView is the real estate arm of New Jersey-based Jimmy Jazz, a footwear and apparel merchant that has a location at Southlake.