ATLANTA—The Realm, a mixed-use development in Buckhead, is getting some new retail ownership blood. The retail component of the property just traded for $1.8 million.
Located on Peachtree Road a half-block north of Piedmont Road, the ground-level retail component spans 7,172 square feet. The three retail suites purchased in this deal make up the only retail in the mixed use asset.
The Shopping Center Group’s Investment Sales Division represented the seller, WN City Center, LP. The Shopping Center Group’s Neal Pringle and Mark Cooley brokered the sale. Georgia Realm, LLC purchased the asset.
"There was a lot of competition with a significant number of buyers interested in the property,” Pringle, director of investment sales and finance partner at The Shopping Center Group, tells GlobeSt.com. “The retail component of Realm offered an investor the attractive opportunity to purchase a prime location in Atlanta's premier commercial market."
Developed in 2007, Realm is a 30-story, mixed-use building with 406 condos and 33,700 square feet of office space in addition to the retail component. The three retail suites are 100% leased to Buckhead Pizza Co., Jimmy John’s and Macon & Co. Salon. The population in the three-mile radius is nearly 120,000 and the average household income exceeds $120,000, according to The Shopping Center Group.
"It is extremely rare for retail property to come available for sale in the Buckhead market,” Pringle says. “The location cannot be beat considering it is in the heart of Buckhead. Realm is a high-profile asset as it is located on Peachtree Street, one of the most well-known and highly traveled streets in Atlanta and throughout the Southeast."
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