CBRE Facilitates Sale of Publix-anchored The Village Shoppes at Windermere in Suwanee

CBRE has announced the sale of The Village Shoppes at Windermere, a 73,404-sq.-ft. Publix-anchored shopping center in Suwanee, Georgia, a northeastern suburb of Atlanta. The property was acquired by Cincinnati, Ohio-based Phillips Edison & Company (Nasdaq: PECO) for an undisclosed price.

Chris Decoufle, Kevin Hurley and Matt Karempelis of CBRE’s National Retail Partners – Southeast represented the seller, San Antonio, Texas-based Affinius Capital (formerly USAA Real Estate), and procured the buyer.

“The Village Shoppes at Windermere was one of the most sought-after grocery-anchored assets we’ve had in the market in the past twelve months,” said Mr. Karempelis, Vice President with CBRE in Atlanta. “It checked nearly all the fundamental boxes that a buyer pool for this type of asset looks for, and we believe it will only continue to see rent growth and leasing momentum. We were honored to help Affinius Capital wrap up a successful 12-year run with the asset and look forward to seeing PECO take it to the next level.”

Located at 3120-3130 Mathis Airport Parkway in Suwanee, The Village Shoppes at Windermere was developed in 2008 and was 93.3% leased at the time of its sale. Anchored by a 39,200-sq.-ft. Publix grocery store, other tenants include a dry cleaner, martial arts studio, nail salon, orthodontics office, a Mexican restaurant, and more. Only two vacancies remain in the shopping center, totaling 4,984 sq. ft.

In the open-air retail space, grocery-anchored assets continue to see the most demand from all capital sources that target retail. Of the over $2 billion in transaction volume that CBRE’s National Retail Partners – Southeast were involved in in 2022, many of those assets were grocery-anchored retail centers. The Village Shoppes at Windermere is one of only a few Publix-anchored sales to occur in 2023 so far.