Recent News
FOR IMMEDIATE RELEASE:
March 10, 2009
Contact:
Jenn Weyand 678-290-1460
Faison Opens Two Regional Power Centers More Than 80% Leased
ATLANTA ¾ The Southeast regional office of Faison (www.faison.com) opens two regional shopping centers in two of the fastest growing counties in Georgia and the United States. North Logan Commons, in Loganville, Ga., and Phase I of Barrow Crossing, in Winder, Ga., bring value retail to Barrow and Gwinnett Counties, and mark the emergence of the northeast Georgia corridor as the expected path for Atlanta’s future retail expansion.
“The biggest challenge in retail development today is the economy,” states Mike Cohn, senior managing director, Faison Enterprises, Inc. “We adapted our development strategy to ensure we did not overbuild each market at present, but delivered centers based on existing rooftops with opportunities to expand as demand grows. Both regional centers meet the current demand threshold of these communities – not growth estimates.”
Anchored by Lowes Home Improvement, North Logan Commons features Best Buy, Dick’s Sporting Goods, OfficeMax, PetSmart, Dollar Tree, SunTrust Bank, Five Guys Burgers and Fries, Nail Talk and Sports Clips. Situated on 37 acres along US Highway 78 (Atlanta Highway) in Loganville, Ga., the 350,000-square foot, regional shopping destination opens 87% leased, bringing household names in retail and popular dining alternatives to residents of Eastern Gwinnett and Walton Counties.
“Despite the slowed economy, accessible and affordable retail was still needed in Eastern Gwinnett and Walton Counties to respond to the growth of the last decade,” continues Cohn. “Retail is still playing catch-up, providing an opportunity for national brands to enter a metro Atlanta submarket with minimal sister-store impact.”
Retailers are also following the demand in Barrow County. Phase I of Barrow Crossing, the County’s largest retail development to date, opens 86% leased. The 550,000-square-foot regional power center, situated at the southeast quadrant of State Route 316 (University Parkway) and 81, delivers much-needed retail, services and dining choices to the region. Located on 60 acres, the shopping destination features retailers, such as Target, Belk, Publix Super Markets, PetSmart, Staples, McDonald’s, Great Clips, Lee Nails, Peking Restaurant, rue21, Starride Tans and Stevi B’s Pizza. All tenants are expected to open no later than mid-April.
“Barrow Crossing is the first and most significant retail development for Barrow County as well as the region spanning between Lawrenceville and Athens,” explains Cohn. “This development provides long-term regional stability with an infusion of jobs and tax revenue – not to mention access to affordable retail without an extended commute. This is the best existing retail site between Atlanta and Athens and will be 20 years from now.”
About Faison Enterprises, Inc.
Faison Enterprises, Inc. is a privately-held development company with a diversified product portfolio that includes retail, commercial and residential project development, management and acquisitions services. With more than 40 years in the business and holdings of approximately $1 billion, including $600 million of new projects under development, the Charlotte, NC-based company manages and develops properties throughout the Mid-Atlantic and South and maintains regional offices in Bethesda, MD, Charlotte, NC, Atlanta, GA, and Orlando, FL. For more information, visit www.faison.com.
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