ATLANTA—In a sale that offers yet more proof that well-positioned class A retail centers are as hot as ever Power Ferry Shopping Center just sold for $416 per square foot. The sale price for the Sandy Springs, GA shopping center was $10.905 million.
Mac McCall and John Tennant of Franklin Street Real Estate Services represented the seller, a local partnership who originally developed the property for CVS and the shop space. The buyer was a New York-based 1031 exchange investor who purchased the retail asset that was attracted to the long-term stability of CVS and the surrounding demographics.
“Anchored by CVS and 85% leased, this property provided the investor with an excellent long-term, predictable cash flow in one of the wealthiest areas of Metro Atlanta,” McCall says. The retail center sold at full price within a week of going to market.
Sandy Springs is an upscale suburb just north of Atlanta. The retail property is located at the signalized intersection of Northside Drive and Powers Ferry Road—two major thoroughfares of North Atlanta.
More than 180,000 residents live within five miles of the property as well as an average household income exceeding $160,000 within one mile. Surrounding retailers include Publix, McDonalds, Wells Fargo, BP, SunTrust, Chevron, Wendy’s, and Shell.
“We continue to see tremendous demand for well-positioned, well-anchored assets, as the supply of class-A shopping centers available to private investors remains extremely tight,” says McCall. “Real Estate Investment Trusts continue to purchase a majority of assets in this class making it challenging for wealthy investors to get in the game.”