Atlanta Retail Asset Trades for $12M
- Jul 25, 2018
GDC Properties has traded Shops at Cascade & Fairburn, a 45,279-square-foot retail center in Atlanta, for $12.3 million. The buyer, a private investor, financed the acquisition with a $4.7 million mortgage funded by Deutsche Bank, according to Fulton County records. GDC previously acquired the shopping center in 2005 from Retail Planning Corp. for $5.6 million.
Located at 3752 Cascade Road and 1195 Fairburn Road in Atlanta’s Cascade corridor, the shopping center is alongside a major intersection exposing the asset to an estimated 29,100 vehicles per day. The property is 91.2 percent occupied, anchored by Walgreens and home to a mix of other tenants including Workout Anytime, Metro PCS, Domino’s Pizza and a dental office.
“The center is positioned in a submarket with little competition, the nearest significant retail corridor being five miles away, which results in a retail occupancy rate of 98 percent in the corridor,” said Craig Taylor, senior vice president at CBRE, in a prepared statement. “The property’s strategic position in a very densely populated and expanded trade area, along with its strong in-place tenancy, make this asset a great investment.”
A CBRE team led by Chris Decouflé and Taylor acted on behalf of the seller in the transaction. In June, another grocery-anchored shopping center changed hands in the Atlanta suburb of Lilburn. Five Forks Crossing includes nearly 75,000 square feet, with a 62,000-square-foot Kroger anchoring the property.
Image courtesy of CBRE