ALPHARETTA, GA-Vacant for several years, shopping center developer Selig Enterprises has found a tenant for its 9,240-sf, eight-year-old building at its 45,000-sf Mansell Point Shopping Center in this Atlanta suburb.
Natural Foods Warehouse is subleasing the space from the CVS pharmacy chain for seven years at an estimated aggregate rent of $1.09 million or about $17 per sf. The building is adjacent to the 960,000-sf North Point Mall.
Average asking rents in this North Fulton County submarket are $18 to $25 per sf, according to Richard Bowers & Co.'s retail properties vice president Linda Burns who negotiated for CVS in the sublease transaction. "The retail market in Alpharetta is perhaps one of the strongest in Atlanta, with consistent residential growth, driving the need for retail," Burns tells GlobeSt.com. Alpharetta's vacancy rate is under 10%.
"High area demographics in income, education and population are main factors for the high leasing activity," Burns adds. "Retail is becoming more self-contained in that residents have little need or desire to drive outside of their neighborhood markets to shop."
The subleased building was originally a Big B business enterprise that became a CVS pharmacy location through purchase and merger. "There is a lot of business in this area," Burns says. The gross size of the entire North Fulton County retail market is estimated at 12 million sf.
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