East Cherokee Village
East Cherokee Village is a 128,000 square foot Publix anchored shopping center in Woodstock, GA, a wealthy and growing suburb 10 miles North of Atlanta, GA. In 2015, Woodstock was the only city in Georgia to make Money Magazine’s top 50 list of best places to live in 2015. The property is located at the T-intersection of Old Highway 5/Holly Springs Road and East Cherokee Road with traffic counts of approximately 26,400 vehicles per day. Other tenants include out parcels to Chase Bank and Workout Anytime.
Strong housing growth surrounds the asset with over 3,500 homes recently delivered or under construction within just over 3 miles of the property. This growth complements existing solid and moneyed demographics including a 3 mile radius population of 41,000 people with average incomes of $92,000 per year; this density and income is consistent with the 5 mile radius population of 121,000 people earning $93,000 per year on average. This location also benefits from planned improvements of Old Highway 5, the opening of nearby 3,500 member Watermark Church, and the success of the Outlet Shoppes at Atlanta.
This attractive center was built in 2003 and is anchored by a Publix that has enjoyed a consistent trend of significant year over year sales growth recently resulting in well above average sales volume. There is no other Publix within a 5 mile radius, and this store is one of the newest Publix locations in the area. While there is significant upside through the 38,000 square feet of vacancy at the center, national and regional tenants like Publix, Chase, and Workout Anytime provide stability and a constant draw to the center.
PMAT acquired this center at 70% occupancy from a distressed asset investor that purchased the center out of foreclosure in the midst of the Great Recession. This investor wanted to harvest the asset appreciation due to broader capital market improvement and the return of housing growth to the area; however, there was remaining upside in continued tenant sales increases, further housing growth and accelerated homeowner move-ins, and the 70% occupancy of the center at the time of PMAT’s acquisition.
Within a month of ownership, PMAT executed several new leases and renewals and began working toward the expansion of numerous successful existing tenants. PMAT’s strong market knowledge and relationships through other PMAT owned grocer anchored centers in the North Atlanta promises will aid the continued execution of the business plan. In conjunction with our proven strategic partner in the Atlanta market, Wheeler/Brand, PMAT will employ an owner led leasing strategy and extremely hands on and direct involvement from PMAT principals in both leasing and management of the center.