ATLANTA-The latest in a string of retail deals, Piedmont Village has sold for $4.075 million. The retail property is located in Atlanta’s Marietta submarket.

CBRE's Private Capital Group represented the seller, First Southern National Bank in Kentucky. Craig Taylor, a senior vice president at the firm, brokered the deal. Columbia Properties, a Marietta-based shopping center developer and owner, bought the asset.

“The buyers have a long-term history in Marietta and in Cobb County,” Taylor tells GlobeSt.com. “They believe in the long-term potential and that by controlling 20-plus acres at a prime intersection good things will happen."

Piedmont Village, an 113,888-square-foot community shopping center, is located on prime acreage at the intersection of Piedmont Road and Canton Road in Marietta. Developed in 1989, Aaron's and a Department of Motor Vehicles office anchor the plaza. It is 88% occupied.

"With a dominant location, stable tenant base and a strong demographic base, Piedmont Village was a viable investment opportunity," Taylor says. "The purchase of 21 acres on a prime intersection in Atlanta's Cobb County was a significant factor in the purchase."

Marietta is one of the largest cities in the metro area. The immediate area is made up of older, established retail and housing. Much of the retail was built in the 1980s and 1990s and has been recently renovated. The newer product is two miles west near Town Center Mall.

“At $36 per square foot, the price of this transaction compares with the second-tier anchored product that has sold in metro Atlanta during the past 24 months,” Taylor says. “However, most of the grocer-anchored retail has sold for $90 to $160 per square foot.”