Atlanta-Area Retail Property Trades for $2M
- May 30, 2018
Marcus & Millichap has arranged the sale of Delk Powers Ferry Place, an unanchored retail strip center in Cobb County, Ga. According to public records, Kehr Hunter Properties is the seller of the asset that traded for $2.4 million.
Located at 1230 Powers Ferry Road in the heart of Marietta, Ga., near interstates 75 and 285, the property is within a 24-minute drive of downtown Atlanta. Built in 1983, Delk Powers Ferry Place spans across more than an acre, being 88 percent leased at the time of the sale. Tenants include Domino’s Pizza, American Deli and China Doll.
The asset is part of a large retail, dining and entertainment area in the southeastern Marietta/northern Atlanta region. The site is also in close proximity to the upcoming Marketplace at Terrell Mill, a planned 24-acre mixed-use development, set to be anchored by Kroger.
Tim Giambrone, first vice president of investments in the Atlanta office & senior director of the national retail group, led Marcus & Millichap’s team in this deal. Giambrone worked on behalf of the seller. Last March, the brokerage company also facilitated the sale of two FedEx centers in Atlanta and suburban Philadelphia. The assets traded at the cumulative price of $47.8 million.
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