Atlanta Area Shopping Center Trades Hands for $15.25 Million

  

Merchants Square Shopping Center, 7100 Georgia State Route 85, Riverdale, GA

Howard Bregman

RIVERDALE, GA  – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Merchants Square, a 118,395-square-foot shopping center in Riverdale, Ga., a city within the Atlanta metropolitan statistical area.

The $15,250,000 sales price equates to $129 per square foot.

            Howard Bregman, an associate, and Brandon Rex, a vice president investments, both in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private ownership group.

Brandon Rex

Bregman also represented the buyer, an international real estate investment trust. Michael J. Fasano, vice president and regional manager of the firm’s Atlanta office also provided representation. Fasano is Marcus & Millichap’s broker of record in the state of Georgia.

            “This Kroger-anchored center has long-term tenants and historically high occupancy levels,” says Bregman. “Kroger has demonstrated its commitment to the property by signing a 10-year-plus lease extension early, adding a fuel station and renovating the store in 2011 and 2013.”

 “Kroger is the dominant grocer in the marketplace,” adds Rex. “The store occupies 50 percent of the gross leasable area and has been a tenant since 1986.”

Michael J. Fasano

            Built in 1986 on 13.5 acres, the shopping center is located at 7100 Georgia State Route 85 in Riverdale, Ga., directly in front of the city of Riverdale’s new $32 million government complex and convention center.

 Tenants at Merchants Square include Chase Bank, Pizza Hut, Payless ShoeSource, Cato Fashions, It’s Fashion, Jackson Hewitt Tax Service and Blimpie Subs & Salads. Kroger’s lease extension runs through the end of June 2024.

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

Gina Relva

Public Relations Manager

(925) 953-1716