JLL was hired to reposition The Collection at Forsyth in Cumming, Ga.
Another Atlanta market shopping center is about to be reinvented to cater to the region’s growing affluent population.
Following Trademark’s planned remake of North Point Mall in Alpharetta into a mixed-use center and CTO Realty Growth’s repositioning of Ashford Lane in Dunwoody, CTO has hired JLL to reposition and lease The Collection at Forsyth in Cumming.
Over the past decade, Forsyth County’s population has increased by 47% to more than 260,000 residents. With an average household income of $121,000, it is now the second-richest county in Georgia, and retail real estate developers are responding to its rise with upscale mixed-use centers like Avalon and transformations of malls into high-end, open-air plazas.
“Having collaborated with CTO on the tremendously successful repositioning of Ashford Lane, we are thrilled to be working alongside them again to reimagine another property in metro Atlanta,” said JLL executive VP Coleman Morris. “We intend to reposition it as the premier shopping, dining, and entertainment hub in Forsyth County.”
CTO converted Ashford Lane into a mixed-use town center with open-air shops, restaurants, offices, apartments, and a 70,000 sq.-ft. green space. The company has stated that it intends much the same treatment for the 560,000-sq.-ft. property in Cumming, which it just recently acquired.
“Our success at Ashford Lane positions our team, as well as JLL's, to create the right roadmap for a pedestrian-centric environment that today’s consumers crave. We’ve seen firsthand how the tenant mix and concepts implemented at Ashford Lane have resonated with the community, ultimately driving foot traffic to the property,” CTO related in a statement.
The Collection at Forsyth’s five million annual visitors and its five-mile radius’s average houselold income of $172,000 made it an especially attractive acquisition for CTO.
With a relatively low occupancy rate of just 80%, the property has ample space to be re-curated with new tenants. The current roster includes Barnes & Noble, Fairfield Inn & Suites, AMC Theatres, Academy Sports + Outdoors, Carrabba’s Italian Grill, Talbot’s, Pure Barre, Ted’s Montana Grill, Altar’d States, and Jos. A. Bank.