CBRE has facilitated the sale of Covington Square, a 144,585-sq.-ft. shopping center in Lithonia, Georgia, 15 miles east of downtown Atlanta. The property was acquired by Malls-Etc. for $13.4 million.

CBRE’s Craig Taylor represented the seller, Michigan-based Richmar Properties, in the transaction. Covington Square was 85% occupied at the time of its sale with a single 21,150-sq.-ft. vacancy.

“Covington Square is a well-located retail center in a suburb of Atlanta that has experienced significant residential growth,” said Mr. Taylor, Senior Vice President with CBRE in Atlanta. “The tenancy is well established, as more than 60% of the tenants have been onsite for more than 10 years. There was ample interest in acquiring this asset at below-replacement cost. I’m pleased we reached a successful outcome for both my client and the buyer.”

Located at 6152 Covington Highway in Lithonia, Georgia, Covington Square was built in 1989 and was recently renovated in 2021. It sits on 21 acres and is anchored by a newly opened Planet Fitness, as well as Rainbow Shops, City Gear, Beauty and More, Las Colinas Restaurant and 3D Church. The shopping center is centrally located, sitting just 3 miles east of Interstate 285 and 1 mile north of I-20.