ATLANTA-It was the kind of deal that only a positive-thinking investor could make in the existing economic climate, Mark Cooley, a senior investment sales advisor at the Shopping Center Group in Atlanta tells

Locally based Brown and Gruin paid Transwestern/MONY Glenridge LLC $3.8 million or $234.44 per sf for the newly constructed, 16,209-sf Glenridge Point Shopping Center in one of the city’s larger business districts–even though the center is 37% vacant.

The deal is believed to be the highest per-sf-price transaction of its kind this year in metro Atlanta.

The sale closed in a speedy 45 days after Brown and Gruin took only 14 days to inspect the property. The buyer plunked down $100,000 in earnest money with the contract–money that could have been lost if the deal didn’t go through. The property traded at a 6.8% cap rate with a net operating income of $256,902.

“The buyer loved the location of the property, being next to two million sf office that is 96% occupied, and three hospitals down the street,” Cooley tells” This is why he put up a $100,000 earnest money deposit and closed on the deal so quickly.” The broker says he had two other offers for the same price.

Transwestern was asking $4.8 million or $296.13 per sf. The property is at the intersection of Glenridge Point Parkway and Johnson Ferry Road in the Central Perimeter business district. Access to Interstate 285 and GA400 is a half mile from the center. There are about 7,525 businesses and 85,125 daytime employees in a one-mile radius of the property.

Cooley tells the center has signed leases with Cingular Wireless, Chastain Cleaners, Gruby’s New York Deli, Great Wraps and Moe’s Southwest Grill. Average quoted rent is $25 to $27 per sf.

The area is anchored by Scottish Rite Hospital, Northside Hospital, Perimeter Mall and 16 million sf of class A office space. Glenridge Point 300, a proposed 300,000-sf office tower, will be developed across from Glenridge Point Shopping Center, Cooley tells

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.