Atlanta & Southeast News In Your Inbox
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Malls-Etc. Drops $13M for Covington Square Shopping Center in Lithonia
Malls-Etc. has purchased Covington Square, a 144,585-square-foot shopping center located in Lithonia, GA, for $13.4 million.
Craig Taylor of commercial real estate services and investment firm CBRE represented the seller, Michigan-based Richmar Properties, in the transaction. Covington Square was 85% occupied at the time of its sale with a single 21,150-square-foot vacancy.
“Covington Square is a well-located retail center in a suburb of Atlanta that has experienced significant residential growth,” said Taylor. “The tenancy is well established, as more than 60% of the tenants have been onsite for more than 10 years. There was ample interest in acquiring this asset at below-replacement cost.
Covington Square was built in 1989 and recently renovated in 2021. It sits at 6152 Covington Highway on 21 acres three miles east of Interstate 285 and one mile north of I-20. The property is anchored by Planet Fitness as well as Rainbow Shops, City Gear, Beauty and More, Las Colinas Restaurant and 3D Church.
- ◦Sale/Acquisition
