X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-A suburban strip center has traded for just above $400 per sf, reaching into rare territory for retail property sales in the Atlanta market. The 20,930-sf Paces Ferry Center was purchased for $8.4 million by Manhattan Peachtree Properties LLC.

Staubach Capital Markets’ East Coast Retail Investment Team represented seller Paces Properties Inc. in the transaction. Jim Hamilton, associate with Staubach’s Atlanta office, says demand remains strong for class A retail assets.

“There have not been too many properties traded for over $400 per sf in Atlanta,” Hamilton tells GlobeSt.com. “We had a very strong response from the investment community on this asset.”

Paces Ferry Center is located at a desirable intersection at Paces Ferry Road and Cumberland Parkway, near the Paces West office buildings, says Hamilton, who brokered the deal with Whitney Knoll, executive VP, and Kevin Hurley, senior financial analyst. He says the fully occupied center attracted a strong list of qualified investors that apparently were not impacted by capital volatility or softening market conditions.

Over the last four years, Staubach’s East Coast Retail Team has closed over $2.2 billion of retail assets totaling more than 18.2 million sf. Paces Ferry Center sold for well above triple the team’s transaction average of around $120 per sf.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.