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| Old Alabama Square shopping Center, 3005 Old Alabama Road, Alpharetta, GA |
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| 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.”
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| 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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