Merchants Walk Shopping Center sold to private equity firm

After redeveloping Merchants Walk Shopping Center a decade and a half ago, South Carolina-based commercial real estate developer EDENS is selling the East Cobb retail center.

The buyer is Sterling Organization, a private equity real estate investment firm based in West Palm Beach, Fla.

According to a statement released by Sterling, the purchase price is $93.2 million, and was made on behalf of Sterling’s $600 million equity institutional value-add fund, Sterling Value Add Partners IV (SVAP IV).

“Merchants Walk is exactly the type of asset we are targeting on behalf of our SVAP IV fund. The property is well-located, attracts an affluent customer base, and maintains a deep roster of high-performing national tenants with long operating histories at the center,” Jordan Fried, Principal at Sterling Organization, said in the statement.

“We have had the pleasure of transacting with EDENS as both a buyer and a seller on many occasions and appreciate their professionalism and collaborative approach, which results in smooth and efficient transactions.”

The statement didn’t indicate what plans Sterling may have for the 271,992-square foot shopping center anchored by Whole Foods and Kohl’s.

Merchants Walk (1289 Johnson Ferry Road) attracts more than 3 million customers a year, or 60,000 a week, according to the statement.

The Georgia Theater Company Stadium Cinema, Marshall’s, PetSmart, Office Depot and Old Navy are among the national tenants, along with local boutiques and restaurants.

EDENS rebuilt Merchants Walk in the early 2010s, with Whole Foods opening in 2011, and paid to have a Cobb County Public Library branch relocated to Parkaire Landing to what is now called the East Cobb Library.

The old Merchants Walk Library site is close to Seed Kitchen and Bar, and other restaurants include Stem Wine Bar, Seed’s sister restaurant, and Marlow’s Tavern.

Mirko Pasta closed recently and the signage has been taken down, following the closure of the adjacent Duck Donuts last year, and which still sits vacant. There’s also 17,273 square feet of available retail space near Marshall’s which opened in 2023 after relocating from the East Lake Shopping Center.

Sterling invests in a number of retail shopping centers across the county in a variety of funds. Its properties in the Atlanta area include Five Forks Crossing and Marketplace at Buckhead in the city of Atlanta and Presidential Commons in Snellville.

According to a Merchants Walk directory on the Sterling website, an A & J Jewelers is coming soon to the former Spenga fitness salon.

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