CTO Realty Growth has expanded its retail portfolio with the purchase of Madison Yards, a 163,000-square-foot shopping center in the Reynoldtown neighborhood of Atlanta. The publicly traded real estate investment trust acquired the property for $73.3 million from an affiliate of Heitman Capital Management. The acquisition adds another open-air retail asset to CTO Realty Growth’s portfolio of retail-based properties across higher-growth markets in the United States.
Madison Yards is a grocery-anchored retail center that is reported to be 97% leased, reflecting strong tenant demand at the property. According to the Atlanta Business Chronicle, the tenant lineup includes Publix, AMC Theatres, Taqueria Tsunami, Daily Dose Coffee, Girl Diver and additional retailers and restaurants. The mix of grocery, entertainment, dining and daily-needs offerings positions the center as a regional destination within Reynoldtown.
Fuqua Development built Madison Yards in the late 2010s, marking it as a relatively new addition to the local retail landscape. Publix opened its approximately 54,000-square-foot store at the center in 2019, giving the property a major national grocer as a key retail draw. The center’s construction timeline and tenant openings place it among the more recently delivered retail projects in its submarket.
Crawford Square Real Estate Advisors has been engaged to lease and manage Madison Yards going forward. The firm will oversee the day-to-day operations of the property as well as leasing efforts for the remaining vacancy. With the asset already near full occupancy, Crawford Square’s role will focus on maintaining performance and tenant retention while addressing any rollover or near-term leasing opportunities as they arise.
The transaction was facilitated by a Newmark team led by Conor Lalor, which acted on behalf of CTO Realty Growth. The deal reflects ongoing institutional interest in well-leased, grocery-anchored retail centers in established infill neighborhoods. CTO Realty Growth, which has been in operation since 1910, continues to concentrate its investment strategy on owning and operating a portfolio of retail-based properties across the United States, and the Madison Yards acquisition further reinforces that focus.
