Sun Life of Canada Buys Marietta Retail Center

MARIETTA, GA-Sun Life of Canada has added the 161,464-sf Parkaire Landing Shopping Center to its real estate-owned portfolio. The insurance firm paid Parkaire Landing LLC, a Fort Lauderdale, FL-based private investors, $18.2 million, or $112.48 per sf, for the 95%-leased property.

The 31-year-old center is located at 4880 Lower Roswell Rd., about 15 miles northwest of Downtown Atlanta. The property is shadow anchored by a Kroger supermarket. Lori Schneider, a senior director of Marcus & Millichap’s National Retail Group, found the buyer and negotiated the transaction for Sun Life.

In an unrelated transaction, Marcus & Millichap’s National Multi Housing Group, has received an exclusive listing to market the 181-unit Wilson Mill Townhomes in Villa Rica. The 177,000-sf property on 18.7 acres consists of 167 two-bedroom and 14 three-bedroom townhomes with average living areas of 850 sf to 1,350 sf.