PGIM Real Estate has sold North Point Market Center, a 420,556-square-foot retail property near Atlanta, Ga., on behalf of institutional investors. PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).

Located in a suburb approximately 20 miles north of Atlanta, North Point Market Center is nearly fully leased, with a tenant roster that includes national home goods, sporting goods, entertainment and dining options. PGIM Real Estate acquired the property as part of a joint venture in December 1998, and has been the sole owner since September 2013.

“The sale of North Point Market Center enables PGIM Real Estate to maximize value for our investors by capitalizing on the strong capital markets environment,” said Kevin R. Smith, head of Americas at PGIM Real Estate. “As Atlanta’s suburbs continue to benefit from increased consumer discretionary spending, we will remain invested in this strong demographic area through other high-quality, experiential mixed-use lifestyle centers, such as our neighboring Avalon investment in Alpharetta.”

In July 2016, PGIM Real Estate acquired the 1.1-million-square-foot Avalon lifestyle center, which includes 390,543 square feet of Class-A retail; 105,364 square feet of Class-A office space; 250 luxury apartment units; and a 3.3-acre office development parcel. A second phase of Avalon will include approximately 90,000 square feet of Class-A retail and 276 luxury apartment units, with a completion scheduled for mid-April 2017.