A busy Alpharetta shopping center has been sold to a California investor for $24.6 million.
Alpharetta Commons was sold May 7, according to a statement from Hanley Investment Group Real Estate Advisors. The shopping center on State Bridge Road at Old Milton Highway is anchored by Publix.
Both the buyer and seller were private real estate investors whose names weren’t disclosed.
“There are no current development plans for the center or anticipated changes with the tenant mix,” Hanley Executive Vice President Kevin Fryman said.
The 94,500-square-foot plaza sits on nearly 11 acres of land. In addition to Publix, a nail salon, dry cleaners, liquor store and restaurants are located in Alpharetta Commons.
It’s a heavily traveled intersection where Hanley estimates 54,000 vehicles pass by daily. The average household income for 86,000 residents within a three-mile radius of the shopping center is over $163,000.
Hanley and ParaSell Inc. real estate agency represented the Southern California-based buyer in the $24.6 million transaction, the statement said.
CBRE Group represented the seller, who had owned Alpharetta Commons since 2011.
Fryman’s statement said several California clients of Hanley Investment Group Real Estate Advisors are looking to invest in retail assets out of state.
In May, the firm also represented the buyer of Cofer Crossing shopping center in Tucker, which is anchored by Kroger and HomeGoods. Hanley’s client purchased Coffer Crossing for $20 million, the statement said.
“The buyer was attracted to Kroger’s below-market rent and the fact that Cofer Crossing is the No. 1 most visited shopping center within five miles and 100% of the tenants paid their rent during 2020,” said Fryman, of the transaction.
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