25 Offers Prove Strong Net Leased Demand
ATLANTA—Doraville Plaza, a 190,172-square-foot shopping center Burlington Coat Factory anchors, has traded hands. The Doraville, GA shopping center its four pad sites sold for $20.750 million in an all-cash deal.
Specifically, the shopping center sold for $15.542 million, or $82 per square foot. The four pad sites are a 2,625-square-foot Krispy Kreme, a 4,077-square-foot Wells Fargo, a 2,750-square-foot McDonald’s, and a 4,112-square-foot Chick-Fil-A. The total sales price for the four pad sites is $5.163 million.
Don McMinn, a director of Marcus & Millichap’s Net Leased Properties Group in Atlanta, and Zachary Taylor, a director of the firm’s National Retail Group, also in Atlanta, represented the seller. The seller was a local Atlanta owner/developer. Private investors snapped up the asset.
“Doraville Plaza is a dominant shopping center in an irreplaceable location in the heart of one of Atlanta’s most dense, diverse and vibrant submarkets,” Taylor tells GlobeSt.com. “More than 250,000 people live within five miles of these assets.”
Located at 5706 Buford Highway, Doravile Plaza was built in 1968 on more than 20 acres. The property is 100% leased. Burlington Coat Factory leases 45% of the shopping center. The balance is leased to local merchants that M&M says reflect the diverse nature of the submarket. Some of the tenants have been in place for nearly 20 years.
“We received 25 offers for the four pad sites alone and were able to sell them at a premium,” McMinn tells GlobeSt.com. “This level of activity is typical of the high demand we are seeing for quality net-leased retail assets. The scarcity of inventory creates a very competitive environment for offerings such as these.”
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