ATLANTA—In a sale that offers yet more proof thatwell-positioned class A retail centers are as hotas ever Power Ferry Shopping Center just sold for $416 per squarefoot. The sale price for the Sandy Springs, GA shoppingcenter was $10.905 million.
Mac McCall and John Tennant ofFranklin Street Real Estate Services representedthe seller, a local partnership who originally developed theproperty for CVS and the shop space. The buyer was a New York-based1031 exchange investor who purchased theretail asset that was attracted to the long-termstability of CVS and the surrounding demographics.
“Anchored by CVS and 85% leased, this property provided theinvestor with an excellent long-term, predictable cash flow in oneof the wealthiest areas of Metro Atlanta,” McCall says. Theretail center sold at full price within a week ofgoing to market.
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