Property Name: Southlake Mall
Address: 1000 Southlake Mall Morrow GA
Acquisition Date:1/16/2019

Property Description

Jacobs Real Estate Advisors, LLC partnered with CityView Commercial LLC, for the purchase of the Southlake Mall in Morrow, GA. CityView Commercial is the Real Estate arm to Jimmy Jazz which owns and operates 200 stores all over the country. Southlake Mall is a two-level mall consisting of approximately 1,015,984 square feet of gross leasable area. The property boasts strong tenant sales with a vibrant lineup of national inline tenants and a high-volume Macy’s. New additions such as H&M, Forever 21, RED, and Chime Solutions have reinforced Southlake Mall’s position in the market.

Based on our hands-on management experience we were able to increase the NOI by over $2M in the first year of the acquisition. Cash on cash returns year 1 was 23.8%. In 2020 we were able to purchase the 1st mortgage from our lender at a 59% discount to the mortgage.