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| Stonewood Village Shopping Center, Alpharetta, GA |
Mark Joines and Drew Fleming, senior managing
directors with Newmark Knight Frank’s Capital Markets group, represented the
seller, Nightingale Properties. Orkin & Associates purchased the property
and was self-represented.
The transaction reflects continued investor demand for
value-add shopping centers that are located in high-growth suburban areas and
feature a healthy mix of service and necessity-based retailers, making them
less vulnerable to e-commerce.
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| Mark Joines |
“Stonewood Village presented a rare opportunity for
investors to capitalize on a well-positioned shopping center that offers
significant value enhancement from the empty big box and outparcel
development,” Joines said.
“It was no surprise that the buyer, with a focus on
long-term ownership, jumped on the chance to own the property.”
Built in 1986, Stonewood Village offers an ideal value-add
opportunity with flexible space options for grocers and junior anchors.
Lying within one of metro Atlanta’s fastest growing suburban
corridors, the well-positioned shopping center is expected to benefit from a
surge of nearby development and job growth.
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| Drew Fleming |
Key tenants at Stonewood Village include Dover Saddlery,
Anytime Fitness, Queen of Hearts Antiques and Pure Spa. More than 32,000 square
feet of space is currently available for lease, including a vacant big
box.
Alpharetta’s key economic indicators continue to trend
upward. The city’s population has grown by approximately 15% over the last
eight years, with nearly two-thirds of residents holding a bachelor’s degree.
More than 5,000 companies are located within the city limits.
CONTACT
Nick Banaszak
1718 Peachtree St., Suite 1048
Atlanta, GA 30309
M: 256-457-5384
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