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.
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