Turner Hill Marketplace sold to Florida real estate firm for $17M

The Palomar Group arranged the sale on the behalf of Atlanta-based RCG Ventures. The sale was made public at the beginning of February.

The marketplace was built in 2001 and renovated in 2017. Its anchor tenants all have at least seven years remaining on their respective lease. Milgram said the new owners will maintain the property and its current leases, while looking for future investment opportunities in the Atlanta area.

“We hope to buy a lot more,” he said “We’re very bullish on the Atlanta market and hope to find more in the market.

Turner Hill Marketplace sold for the nearly the same amount as the 71-acre Gallery at South DeKalb mall, which was sold via a December auction for $19 million. The mall, located in Atlanta’s Panthersville neighborhood, lacks an anchor tenant — unlike the Turner Hill location and the Mall at Stonecrest.

Stonecrest’s mall, which has teetered on the edge of foreclosure since early 2020, almost changed hands last year. However, a venture capital group backed out of a purchasing agreement last summer.

Despite that, the retail center has welcomed multiple attention-grabbing projects over the past year. An aquarium opened in a former Sears building at the mall, and the New Black Wall Street Market opened across the street.