Beltline-adjacent Madison Yards trades hands for millions
The Madison Yards retail hub along Memorial Drive has traded hands, representing a continuing interest in shopping centers anchored by grocery chains.
The development, which is adjacent to the Atlanta Beltline and just north of I-20 along Memorial Drive, sold for $73.3 million, according to a news release from brokerage firm Newmark.
The buyer is Chicago-based real estate investment firm Heitman, according to a Newmark spokesperson. Heitman did not immediately respond to a request for comment.
The seller was Orlando, Florida-based CTO Growth Realty, according to a separate news release.
Both CTO and Newmark did not respond to a request for comment about the buyer of the property.
Publix and AMC Theatres are the major retailers in the development, which is 97% leased, according to the Newmark release. There are several restaurants spread throughout, including Asian seafood concept Girl Diver and First Watch Cafe, as well as service-based businesses such as Highland Yoga, a branch of Truist Bank, a nail salon and dry cleaners.
There is also an apartment building on site, though it is owned by a separate entity from the retail portion. It was not included in the transaction.
Grocery-anchored retail centers have long been an attractive asset to real estate investors, especially those that are newer and in heavily traveled locations. The grocery store drives a consistent stream of foot traffic into the development, which benefits surrounding tenants in smaller spaces.
The high-performing grocery anchor, durable cash flow and location drove significant investor demand, according to the Newmark release.
Atlanta-based Fuqua Development completed Madison Yards in 2018, in what was one of the largest ground-up retail projects built along the Beltline. Since then, the 22-mile loop has only continued to attract more business to the area in the form of new retail and restaurant concepts, office buildings and housing.
In its separate release, seller CTO Growth Realty said the transaction reduces its exposure to AMC Theatres. The Madison Yards location, which spans eight screens, is the third-highest ranking theater in the metro area, according to box office numbers from Comscore.
Regardless of its ticket sales, AMC is a debt-heavy company, reporting about $4 billion in the first quarter of 2026.
Major theater chains have struggled to regain their footing in recent years, with traffic down by about one-third from before the COVID-19 pandemic. A significant portion of the moviegoing audience has opted to stay home and watch films on streaming services instead.
Regal Cinemas filed for Chapter 11 bankruptcy protection in 2022, which it emerged from in 2023 after cutting its debt by $4.53 billion. Luxury movie and dining chain IPIC Theaters filed for Chapter 11 bankruptcy earlier this year.
Ticket sales, however, have been up significantly the past several months. AMC reported in May that the North American box office surged 22% in the first quarter of 2026 compared to the prior year.
About the Author
Savannah Sicurella is an entertainment business reporter with The Atlanta Journal-Constitution.
