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.

|

Sandy Springs is an upscale suburb just north of Atlanta. Theretail property is located at the signalizedintersection of Northside Drive and Powers Ferry Road—two majorthoroughfares of North Atlanta.

|

More than 180,000 residents live within five miles of theproperty as well as an average household income exceeding $160,000within 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 centersavailable to private investors remains extremely tight,” saysMcCall. “Real Estate Investment Trusts continue to purchase amajority of assets in this class making it challenging for wealthyinvestors to get in the game.”

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.