Bullock Mannelly Partners, Inc., an Atlanta commercial real estate investment, finance and brokerage company, brokered the deal and tells GlobeSt.com the closing price was between $16 million and $18 million.
That tag equates to $250 per sf for the 27-year-old, 67,834-sf shopping center in the Perimeter Center area of Atlanta, north of the affluent Buckhead submarket. The price is one of the highest negotiated in the past two years, Atlanta area brokers tell GlobeSt.com.
The $250 per-sf-price is understandable, brokers say, because of Park Place's location directly across the street from Perimeter Mall and its 90% occupancy mark.
Park Place rents for between $18 per sf and $25 per sf. Among the 18 tenants are Talbot's, H. Stockton, and McKendricks Steak House.
The sale also included two out-parcels with Bank of America tenants on about two acres. The seller was represented by Scott Orton, Michael Zibilich and Stan Ashley, all managing directors at Bullock Mannelly Partners.
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