On June 21, 2024, a joint venture partnership between Argosy Real Estate Partners and Paces Properties exited their investment in the renovation and repositioning of Atlantic Shopping Center, a 100% occupied, 103,477 sf multi-tenant shopping center located in the Memorial Drive Corridor of Atlanta, GA. 

In September 2019, Argosy partnered with Paces Properties to recapitalize the property. At closing, the property was 81% leased to Floor & Decor, a publicly traded flooring and tile company (NYSE: FND) with 225 locations throughout the U.S.  Vacancy at acquisition consisted of a 19,477-sf junior box space that was subsequently leased to Planet Fitness, which brought the property to 100% occupancy.  At the time of the recent sale, the property had ten years of weighted average lease term remaining.  The property includes a vacant 0.5-acre pad site which was sold separately.

Paces Properties is an experienced owner/developer of commercial real estate based in Atlanta.

For more information regarding this investment, please contact Sara Doelger at sdoelger@argosyrep.com.