ATLANTA-Retail centers with strong anchors continue to be in demand throughout the Southeast as indicated by two new exclusive listings being marketed by the local office of Marcus & Millichap Real Estate Investment Brokerage Co.
Owners of the centers are asking over $100 per sf for the properties. In Roswell a private investment partnership from suburban Alpharetta wants $11.2 million, or $191 per sf, for the two-year-old, 58,547-sf Indian Creek Shopping Center anchored by a 41,000-sf LA Fitness facility. The $191 per-sf-price would be the highest posted this year for a retail property in Roswell and one of the highest in the metro area, local brokers tell GlobeSt.com.
The 14.5-acre property at 4905 Alabama Rd., Highway 92, just west of Sandy Plains Road, has an 8.25% market capitalization rate. Tenants include Cingular Wireless, Citihomes Realty, Alex's Cleaners, Dolce Vita Salon, Hoip Nails, Safari Tan and Nature's Touch Nutrition Center.
"Indian Creek presents an investor the opportunity to acquire a stable, well-positioned asset in a dynamic market," says Marcus & Millichap broker Marc Straus. "The center is located in a high-growth corridor of Northeast Cobb County with a tremendous amount of new construction taking place." He adds, "The area boasts strong demographics which are expected to get even stronger over time." Broker Chris Rea is working with Strauss in trying to find a buyer.
And in Jonesboro, the 108,575-sf, 97%-leased Arrowhead Shopping Center has an asking price of $12.7 million or $117 per sf. The market capitalization rate is 8.08%. The 30-year-old, 13-acre center at 6430 Tara Blvd. comprises seven separate buildings and has a tenant mix occupying 62% retail and 38% office space. Office Depot and Corinthian College are the anchors. Broker Craig Johnson has the listing.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.