ATLANTA-Oglethorpe Crossing, a shopping center just north of Atlanta, has sold for an undisclosed amount. The Publix-Anchored shopping center is also home to a CVS Pharmacy.
Carter’s Retail Investment Sales Group, led by Drew Fleming and Mark Joines, represented the seller, REES 52 LLC of Atlanta. An unnamed Atlanta-based private equity group purchased the 58,000-square-foot property at 3435 Ashford-Dunwoody Road.
“Oglethorpe Crossing is in a dense in-fill affluent area of Atlanta,” Joines tells GlobeSt.com. “It’s a strong performing center.” Oglethorpe Crossing was 98% leased at the time of the sale, which defies the down retail market in Atlanta. Atlanta is posting the highest recorded retail vacancy in Metro Atlanta in almost 10 years.
In Atlanta, only a handful of tenants—Race Trac gas stations, Quizno’s and Family Dollar—have aggressive expansion plans for 2011. Many retailers are holding steady or even downsizing due to lack of demand, according to Grubb & Ellis. That translates to suffering absorption, with more than 600,000 square feet of occupancy shed in the third quarter of 2010.
“We are bouncing along the bottom,” Joines says. “Atlanta was overbuilt over the last three for years. We are going to see a year or two more of the same before the Atlanta market can absorb the vacancy. We are going to see more shake out from the banks and special servicers.”
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