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Strip Center Sale Tops $400/SF Mark

ATLANTA-An investor pays $8.4 million for the 20,930-sf Paces Ferry Center, an unusually high price.

By Carl Cronan | Updated on May 02, 2008

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.”

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