Cherokee Commons

 

Acworth, Georgia

 

   

     Cherokee Commons is a 104,000 square foot Kroger anchored shopping center in Acworth, GA, a suburb in North Atlanta bordering Woodstock where PMAT owns A Publix anchored center. The property is located on Highway 92 (35,000 vpd) and near Bells Ferry Rd (21,000 vpd) and includes owned out parcel with a Kroger Fuel center and a corporate Wendys well as unowned out parcels with a Krystal and a Jiffy Lube.

        Within a 3 mile radius of the property there are 66,000 people with average incomes of $83,000 per year; this density and income is consistent with the 5 mile radius population of 156,000 people earning $82,000 per year on average. Nearby housing projects underway include DR Horton’s Centennial Lakes which was more than 50% complete with its planned +900 homes as well as DR Horton’s Wilshire Commons, and Smith Douglas’ Tyson Woods—both within .25 mile of the property. As the only mainstream grocer within a 3 mile radius, Cherokee Commons is the most proximate grocer anchored center to each of these developments, and this housing growth promises to burgeon Kroger’s already strong sales.

      While the Kroger was a strong performing store thanks to recent 2012 interior renovation and fuel station, the exterior of the center had a dated appearance, and the property had significant deferred maintenance. The physical condition and lack of leasing focus by lender, contributed to a low occupancy due over 26,000 square feet of small shop vacancy.

      PMAT acquired Cherokee Commons at less than 75% occupancy from a lender at a significant discount of approximately 35% of the original loan balance. Within a month of closing PMAT completed its first lease and sourced several letters of intent and market tours from national tenants. PMAT also immediately began a deferred maintenance and renovation program including a new roof, reseal of the parking lot, repainting the center with a modern color scheme and upgrades to the landscaping, signage, and lighting. 

    PMAT’s renovations, strong market knowledge, relationships through other PMAT owned grocer anchored centers in the North Atlanta promises to aid the continued execution of the business plan. In conjunction with our proven strategic partner in the Atlanta market, Wheeler/Brand, PMAT will employ an owner led leasing strategy and extremely hands on and direct involvement from PMAT principals in both leasing and management of the center.