Friday, June 19, 2015

IPA Executive Director Lori Schneider Brokers Sale of Suburban Atlanta Shopping Center for $24.2 Million


Old Alabama Square shopping Center, 3005 Old Alabama Road, Alpharetta, GA

Lori Schneider


ALPHARETTA, GA,  June 19, 2015 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Old Alabama Square, a 103,268-square-foot Fresh Market- and Walgreens-anchored shopping center in Alpharetta, Ga. The sales price is $24,275,000, which equates to $235 per square foot.

            Lori Schneider, IPA executive director, advised the seller, a private investor. The buyer is Philips Edison Grocery Center REIT II, Inc. (Phillips Edison REIT II).

 Michael J. Fasano, first vice president, regional manager in Marcus & Millichap’s Atlanta office, and the firm’s broker of record in Georgia, assisted with the transaction.

“Our marketing process sourced a variety of qualified investors, from pension funds to cross-border profiles,” says Schneider. “Phillips Edison REIT II best understood the center’s demographics, curbside appeal and growth potential.”

Michael J. Fasano
Old Alabama Square is located on 12.8 acres at 3005 Old Alabama Road in Alpharetta. Old Alabama Road is an east/west thoroughfare that connects the suburbs north of Atlanta. There are three points of access from Old Alabama Road into the shopping center.

Fresh Market and Walgreens have occupied the center since it opened in 2000.

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager

(925) 953-1716

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