Atlanta-based real estate firm buys mall near Hamilton Place Mall

Stockbridge, an Atlanta-based real estate investment management firm, has acquired most of the Village at Waterside mall near Hamilton Place Mall for $50.8 million as part of half a dozen properties that the company recently purchased in the southeast.

A partnership arranged by Stockbridge, known as SCG BR Waterside LP, has acquired four tax parcels, including those anchored by REI, Burlington, Haverty and Publix, in the Waterside development just north of Shallowford Road between the Interstate 75 and Gunbarrel Road in East Brainerd, according to filings with the Hamilton County Deeds Registry.

Branch Properties will continue to manage the mall and will retain a minority stake in the new ownership group. Atlanta-based Branch Properties purchased the sites from the Defoor Brothers, who originally developed the Waterside complex and still own the Embassy Suites hotel and other nearby properties.

In a purchase announcement, Stockbridge said it was buying majority control of Waterside Village in Chattanooga and five similar retail developments – the Burnt Store Marketplace in Punta Gorda, Florida; Village Shoppes of Sugarloaf in Lawrenceville, Georgia; Five Forks Corners in Lilburn, Georgia; Waterford Village in Wilmington, North Carolina; and Lightfoot Marketplace in Virginia Beach, Virginia.

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Village at Waterside sold for $50.8 million

“As the retail sector anchored in grocery remains a resilient asset class, the ability to invest in a high-quality, diversified portfolio provides a significant investment opportunity for Stockbridge,” the managing director said. of Stockbridge, Acquisitions, David Nix, in a purchase announcement. “These six operating properties are all dominant retail centers anchored by leading grocers, and we look forward to partnering with Branch, a leading retail operator, to drive long-term success.” across the portfolio.

Over the next year, Stockbridge has announced plans to acquire six additional properties, bringing the total portfolio to 1.25 million square feet. Branch Properties will retain a minority stake in the portfolio and will continue to manage management and leasing at the property level.

“Branch is excited about the prospect of partnering with Stockbridge on this collection of high-performing properties that continue to benefit from being located in some of the fastest growing markets in the country,” Branch Chief Investment Officer Jesse Shannon said in a statement. a statement. “This is a strategic relationship for Branch given Stockbridge’s exemplary reputation as a partner and its excellent yield performance.

The Village at Waterside sale is East Brainerd’s second major commercial property to be sold so far this year to a national real estate investment firm looking to buy in the Chattanooga market. A Chicago-based investment firm recently acquired the Atrium medical complex on Gunbarrel Road for $27.6 million.

Remedy Medical Properties Inc., which owns and manages more than 25.3 million square feet of medical practices and facilities in 42 states, has purchased the site from Chattanooga 1931 Medical Properties LLC at 1949 Gunbarrel Road. The 43,724 square foot complex was built in 1993 and is leased for medical practices operated by CHI Memorial Hospital.

Contact Dave Flessner at [email protected] or 423-757-6340. Follow him on Twitter @dflessner1.

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