"When Target decided to relocate its Sandy Springs store to the redeveloped Prado Shopping Center, we felt that their former site could be the right option for the City," says David Rubenstein, the Miller Richmond broker who handled the transaction on behalf of the buyer. "Fortunately, because of today's soft retail and commercial real estate markets, we were able to negotiate an attractive purchase price for the city that would have been unimaginable a year or two ago. This was clearly an opportunistic buy."

The City of Sandy Springs currently leases approximately 90,000 square feet within the Central Perimeter submarket, and has been looking for a site to build a City Hall for some time, Rubenstein tells GlobeSt.com. The recently purchased retail site is located in the center of the Atlanta suburb, which was incorporated in 2005, he says. Other likely buyers for this type of property, including other big-box retailers or developers, are scaling back right now, bringing about the low sale price and opportunity for the city, Rubenstein adds.

Plans for the new City Hall are still in preliminary stages, with no approximate value, groundbreaking or construction timetable set. It is unknown whether or not the city's current office locations at 7840 Roswell Road within Morgan Fall Office Park will remain occupied by the government after the new buildings are completed.