Sarofin Realty Advisors has paid more than $630/SF for Peachtree Station, a Whole Foods-anchored shopping center in Chamblee, from S.J. Collins Enterprises.
The sale means Sarofin paid the most, on a per-SF basis, since Buckhead Commons sold for nearly $660/SF in 2007, according to Colliers International. The investor paid just over $67.5M. The only other shopping center sale in the past year to eclipse that price was last year's PGIM Real Estate sale of North Point Marketplace to CBRE Global Investors for more than $108M, according to CoStar. Cushman & Wakefield Senior Director Fain Hicks brokered the sale.
Located at 5001 Peachtree Blvd., seven miles north of Buckhead, Peachtree Station is fully leased, with tenants on the roster such as Starbucks, The Cook's Warehouse, Banfield Pet Hospital, Chipotle Mexican Grill and Mattress Firm. The center officially opened in August.
“The property was 100% pre-leased prior to construction completion, and there is no natural or organic grocer competition in over a 3-mile radius,” Hicks said in an email. Peachtree Station's sale caps what has been a strong past year for retail shopping center sales in Metro Atlanta, with a lot of capital searching for a limited amount of product, Marcus & Millichap First Vice President Tim Giambrone said.
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