Limestone Market rendering. Picture courtesy of Department Properties
Department Properties continues to capitalize on the demand for grocery-anchored retail with the acquisition of land for Limestone Market, an roughly 76,800-square-foot undertaking in Gainesville, Ga. The corporate bought 14 acres for the suburban Atlanta improvement, which can function Publix Tremendous Markets as its anchor tenant.
Limestone Market will sprout up on the intersection of Limestone Parkway and New Holland Approach, roughly 2 miles from downtown Gainesville and 50 miles northeast of Atlanta’s central enterprise district. Practically 55,000 sq. ft of the middle shall be devoted to Publix, whereas the remaining 21,800 sq. ft will function inline retail house, paving the best way to welcome eating places, service suppliers and the like. Moreover, hopeful retailers will be capable to compete for 3 outparcels, one in all which spans greater than three acres.
Department plans to start development of Limestone Market within the spring of 2023. The true property funding and improvement agency has excessive expectations for lease-up, because it attests to having already skilled notable demand for house.
The grocers have it
Limestone Market’s excessive place on potential tenants’ radar isn’t any fluke because the undertaking has location on its aspect. “The [Atlanta] area’s fastest-growing pockets of affluence, concentrated within the northern suburbs, unsurprisingly will garner an outsized share of recent retail demand,” in accordance with a fourth quarter 2022 report by KW Industrial.
The decision for retail within the suburban areas could be attributed to sure sturdy fundamentals throughout metropolitan Atlanta. As famous within the KW report, the area advantages from annual inhabitants development that, for the final 10 years, has been twice that of the U.S. common on a proportion foundation. Moreover, median family earnings in Larger Atlanta has surpassed the nationwide common.
Limestone Market can be the proper sort of improvement for the present market local weather. “Grocery-anchored procuring facilities in suburban and exurban counties have been significantly favored by traders of late because of a scarcity of provide in comparison with historic norms and powerful demographic development,” as per the KW Industrial report.
Department has been energetic in increasing grocery-anchored stock throughout the southeastern U.S. for the final yr. In 2022, the corporate bought the 57,700-square-foot Wynnehaven Plaza, a Publix-anchored undertaking in Navarre, Fla. Department additionally opened Merganser Commons at Dogwood Estates, a 66,900-square-foot procuring heart that holds the excellence of being the primary Publix-anchored retail web site in Milton, Fla. And in Summerhill, on Atlanta’s Southside, the corporate will quickly ship Summerhill Station, an 87,000-square-foot retail improvement that additionally counts Publix as its lead tenant. Department expects to ship Limestone Market within the second quarter of 2024.