CBRE Arranges Sale of Fayette Pavilion, Georgia’s Largest Open-Air Shopping Center

CBRE has arranged the sale of Fayette Pavilion, Georgia’s largest and most visited open-air shopping center, to Houston-based 5Rivers CRE. The approximately 1.1 million-square-foot property was sold by Nuveen Real Estate.

Chris Decoufle, Kevin Hurley, and Matt Karempelis of CBRE’s National Retail Partners – Southeast represented the seller and procured the buyer.

“Rarely are we able to bring such a proven, balanced, and regionally dominant retail asset of this scale out to market, and as a result, investors took notice,” said Mr. Karempelis, Vice President with CBRE in Atlanta. “Even during a choppy and unpredictable capital markets environment, the marketing process for Fayette Pavilion showcased the continued and growing demand for open-air retail. The process resulted in a deep and diverse bench of investor interest. We’re honored to have represented our client in finding Fayette Pavilion a new owner and wrapping up one of the largest single-asset retail transactions in the past few years.”

Located in Fayetteville, Georgia, approximately 22 miles south of downtown Atlanta, Fayette Pavilion is the largest and most visited open-air shopping center in the state of Georgia (Per Placer.ai). At 1,063,840 sq. ft. and approximately 106 acres, Fayette Pavilion attracts over 8.3 million annual visits. Developed in four phases from 1995-2003, the property has evolved into a super-regional, tandem grocery-anchored shopping destination. Currently 96% leased, Fayette Pavilion’s tenant roster stands at 68 tenants, 70% of which have been at the property for over five years. Notable anchors like Publix, Hobby Lobby, Burlington, Ross Dress for Less, Marshalls, PetSmart, Old Navy, pOpshelf, Dollar Tree, and Five Below.

Founded in 1995, 5Rivers CRE is a family-owned commercial real estate investment management company based in Houston. Since its inception, the company’s portfolio has grown to 5.4 million square feet of retail space valued at $700 million, mostly located in the Sun Belt.