GBT Grabs Smoking Hot Atlanta Retail Site

ATLANTA—GBT Realty just grabbed a 1.7-acre site in East Cobb County for $1.6 million. Empress Theatres sold the site at the intersection of Roswell Road (State Route 120) and East Cobb Drive near Johnson Ferry Road. 

Chuck E. Cheese currently occupies a 10,240-square-foot building. GBT plans to demolish the building and redevelop the parcel, which is one of the last remaining parcels in a retail hotbed that's home to brands like Target, Dick's Sporting Goods, Trader Joe's, and Whole Foods this Spring.

“We couldn't pass up one of the last parcels in this upscale, densely developed retail district and along two of the most sought-after commercial corridors in metro Atlanta—not to mention the signalized access and direct visibility to more than 44,000 cars daily,” explains Jeff Pape, managing director of GBT's shopping center division. The firm looks at the acquisition as an opportunity to have a stake in affluent East Cobb County at the corner of “Main & Main.”

The site has signalized access to both Roswell and Johnson Ferry Roads, East Cobb's primary commercial corridors, with rear access from East Cobb Drive. About 7,500 consumers with average household incomes topping $141,000 live within a one-mile radius of the site. Several of the highest-ranked public schools in Georgia also surround the site.

“Current zoning and site location allow for a vast array of retail uses including wireless, fast-casual restaurant and convenience retail uses,” says Pape. “We are reviewing proposals from interested retail users that include demolition and rebuild strategies and also re-tenant opportunities.”

When you talk to retail gurus across the Southeast—and even in many parts of the United States—you'll hear a similar statement: It's hard to find good shopping centers to purchase.

“In today's demand-strong and supply-short market, it is extremely difficult for investors to find shopping centers to purchase on-market and, more specifically, off-market,” Gary Saykaly, senior director at Franklin Street's Atlanta office, tells GlobeSt.com. “From a demand standpoint for listed assets, the sheer number of investors who are signing confidentiality agreements and making bids on viable retail offerings is at least triple the historic level—making it extremely difficult for many investors to compete as the competitive bidding frenzy is pushing pricing to new levels.”