ATLANTA—Peachtree Parkway Plaza, a 95,509-square-foot retail shopping center in Atlanta's Norcross market, just traded hands. The sale price: $12.25 million.

Sterling Organization acquired the shopping center in the affluent market. DLC Management Corporation sold the retail asset to the firm's institutional fund, Sterling Value Add Partners II.

"Peachtree Parkway Plaza is located in the Peachtree Corners submarket in Atlanta's northern arc, just outside of the perimeter,” Greg Moross, principal and COO of Sterling, tells GlobeSt.com. “The area is dense and mature, with average household incomes of approximately $100,000. The area's retail shopping centers are thriving.”

Goodwill, Dollar General and Youfit Health Clubs anchor Peachtree Corners. The retail asset sits at the intersection of Peachtree Parkway (by which 42,000 vehicles a day pass) and Spalding Drive, by which 6,000 vehicles a day pass.

The location is about 20 miles northeast of Downtown Atlanta. Almost 65,000 people live within a three-mile radius of the property, where the average household incomes are approximately $100,000. The center is currently 83% occupied.  

“The Forum and gourmet grocers such as Trader Joe's, Sprouts Farmers Market and Earth Fare are all within a half-mile of our property,” Moross says. “This asset has excellent real estate fundamentals which should enable us to attract higher-end tenants to effectively serve the surrounding community.”

Peachtree Parkway Plaza was originally developed in 1986.  A new Taco Bell restaurant was recently built at the property, and other national businesses at the property include Blimpie Subs & Salads, Wendy's and Arby's. Brian Kosoy, managing principal, president and CEO of Sterling, says, “Peachtree Parkway Plaza represents a solid opportunity to add value first by executing a lease up strategy and ultimately by upgrading the existing anchors with retailers that will cater appropriately to and ideally serve the residents of this affluent Atlanta suburb.”