Greenberg Gibbons Acquires Shopping Center for $17.3 Million, Expands Portfolio into Georgia

Baltimore, MD. (November 8, 2024) – Greenberg Gibbons announced today that it has acquired Northlake Square, a 82,578-square-foot grocery-anchored neighborhood shopping center located in Tucker, Ga. (Atlanta MSA), for $17.3 million.

 

The center was purchased through the Greenberg Gibbons Real Estate Income Fund I, which strategically acquires shopping centers throughout the East Coast, Southeast and premier Midwest markets. This is the fund’s eighth acquisition and the company’s first property in Georgia.

 

“We’re excited to add Northlake Square to our expanding portfolio,” said Tom Falatko, Senior Vice President of Acquisitions at Greenberg Gibbons. “The shopping center is located in one of Atlanta’s most desirable submarkets and offers a unique investment opportunity with a strong tenant mix.”

 

Northlake Square, built in 1988, boasts many long-standing tenants, including Aldi and Best Buy. The center is currently 98% leased and is conveniently located at the intersection of I-285 and Lavista Road.

 

Other notable properties acquired through the fund include Cool Springs Pointe in Brentwood, Tenn., Gateway Plaza in Sanford, Fla., Town N’ Country in Greenville, S.C., Sea Turtle Marketplace in Hilton Head, S.C., and Westminster Crossing East in Carroll County, Md.

 

Greenberg Gibbons is actively seeking investments with a focus on essential and convenience-oriented shopping centers, including value-add, grocery-anchored neighborhood and power centers, that may need to be revitalized through repositioning of retail spaces, property upgrades, developing additional uses and improving operations.

 

About Greenberg Gibbons

Celebrating 56 years of success, Greenberg Gibbons is one of the East Coast’s premier developers, investors, owners, and operators of mixed-use, retail, commercial, and residential properties. The firm’s rapidly expanding portfolio includes more than 6.7 million square feet and $1.6 billion in assets. Its innovative ground-up development and revitalization projects create engaging destinations and inspiring experiences, while making a positive ripple effect in the communities they serve. Headquartered in Baltimore, Greenberg Gibbons has more than 55 projects across seven states. For more information, visit www.ggcommercial.com.