NewQuest Buys 1st Shopping Center on East Coast In Ongoing Expansion of Asia-Pacific Retail Groupedit
NewQuest Properties has acquired its first retail project on the East Coast, gaining a brand-new market for its Asia-Pacific Retail group in one of Greater Atlanta’s most affluent suburbs.
NewQuest’s newest asset is the 83,391-sf Abbotts Bridge Station at 10820 Abbotts Bridge Rd. in Johns Creek, Ga. The class A project was 87%-leased at sale time, with H Mart, a premier Korean-American grocer, as the anchor.
“We’re looking at markets that have a demand for Asian-inspired centers,” says Heather Nguyen, development partner of Houston-based NewQuest’s Asia-Pacific Retail. “We’ve had significant interest from our clients who want to expand into the booming Atlanta market.”
Located in North Atlanta, Abbotts Bridge Station is a four-minute drive from the 1,900-acre planned Technology Park and 30 miles from downtown. Nguyen and Naoyuki Kondo, associate, are the project’s leasing team.
NewQuest officially launched Asia-Pacific Retail about one year ago following several successful redevelopment projects in Texas and Arizona, deploying a re-tenanting effort focused on upscale Asian-influenced retail brands and restaurateurs. Abbotts Bridge Station is NewQuest’s first center to be anchored by H Mart, which inked a long-term renewal prior to closing.
The 13.4-acre Abbotts Bridge Station is situated in the heart of a trade area with Atlanta’s largest Asian/Pacific population. Johns Creek is the state’s ninth largest city, a rapidly growing technology hub and home to leading universities and major employment centers.
“Johns Creek checks all the boxes for our clients. It’s an affluent area with strong new Asian growth,” Nguyen says. “Abbotts Bridge Station is a well-positioned asset that will continue to grow strong and serve the community for many years.”
Demographically, there are more than 78,000 residents with average annual household incomes topping $169,000 within a two-mile radius. The project is bounded by two major thoroughfares – GA 141 (Medlock Bridge Road), which has a daily vehicle count of 41,300, and Abbotts Bridge Road, with 18,600 vehicles per day. Westwood Financial was the seller.
“We’re excited to be part of the city of Johns Creek. We will be actively recruiting new concepts to best serve the growing demands in the community,” Nguyen says.
Asia-Pacific Retail’s niche concept has resulted in a curated collection of leading Asian retailers and restaurateurs eager to break into Texas, Arizona and now Georgia. Some are new to the U.S. and others are branching out from California and New York for the first time.
“We’re looking for acquisitions coast to coast to grow our presence outside Texas and to meet the needs of our clients,” Nguyen says.