ATLANTA—Peachtree Station, a 106,372-square-foot, Whole Foods-anchored retail center in Chamblee, GA, has traded hands. The retail asset sold for $68 million, or $630 per square foot.
Fain Hicks of Cushman & Wakefield's Retail Investment Sales Team represented the seller, S.J. Collins Enterprises, in the transaction. Sarofin Realty Advisors, an out-of-state institutional investor acquired the property.
According to CoStar, there is only one other shopping center sale that reported a higher price in the past 12 months. That was PGIM Real Estate's sale of North Point Marketplace to CBRE Global Investors for more than $108 million.
“Peachtree Station was a rare offering of an institutional quality Whole Foods-anchored retail asset located on Peachtree Boulevard, the northern extension of Atlanta's most iconic thoroughfare,” Hicks tells GlobeSt.com. “The project's best-in-class merchandising mix satisfies a large void in one of the region's most affluent, infill, high-growth trade areas where no other organic grocer is located.”
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Located at 5001 Peachtree Boulevard, Peachtree Station offers 1,000 feet of frontage along Peachtree Boulevard, Atlanta's most historic and iconic thoroughfare. Starbucks, Verizon, CRS Outdoor, Mattress Firm, The Cook's Warehouse, Banfield Pet Hospital, Zoë's Kitchen and Chipotle Mexican Grill are among the tenants.
“The property was 100% preleased prior to construction completion, and there is no natural or organic grocer competition in over a three-mile radius,” Hicks says. The trade area is experiencing explosive growth with more than $2.36 billion of projects currently underway and offers some of Atlanta's most desirable income and population demographics.
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