ALPHARETTA, Ga. — Hanley Investment Group has arranged the sale of Alpharetta Commons shopping center for $24.6 million to a private investor from California.
The 94,500-square-foot shopping center on the southwest corner of Old Milton Parkway and Kimball Bridge Road is anchored by Publix Super Markets and is 98.7 percent occupied.
Hanley Investment Group President Ed Hanley and Executive Vice President Kevin Fryman, along with ParaSell, Inc., represented the 1031 exchange buyer. The seller was an institutional real estate owner, operator and developer of a national portfolio, and was represented by CBRE Executive Vice President Chris Decouflé, Senior Vice President Kevin Hurley and Senior Associate Matt Karempelis.
The shopping center was built in 1997 and is located on 10.66 acres at 4305 State Bridge Road/Old Milton Parkway.
The average household income within a three-mile radius of the property is over $163,000 for the 86,000 residents. Nearly 209,000 people reside within five miles of the shopping center.
Fryman noted the Ga. 120 corridor is one of the most heavily traveled in the area, with approximately 54,600 vehicles per day passing by the shopping center. The property also has two signalized entrances. The property also benefits from the 16.5 million square feet of office and industrial space within a three-mile radius of the property, Fryman added.
In addition to Publix, Alpharetta Commons has a variety of service-based and internet-resistant tenants including Sports Clips, T-Mobile, nail salon, dry cleaners, a liquor store and food and beverage outlets.
“The service-based and restaurant tenant sales are seeing a spike in overall traffic as restrictions are easing and customers are more comfortable with frequenting these businesses now that they have the vaccine,” Fryman said.
This is the second Atlanta metro area grocery-anchored shopping center sale that Hanley Investment Group has arranged in the last 10 days. The other was the sale of Cofer Crossing, a fully leased 136,139-square-foot shopping center anchored by Kroger and HomeGoods in Tucker. The sale price was $20 million.
— Patrick Fox