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tlanta's retail market is booming, with a recent acquisition of a high-end property by SITE Centers. The company purchased the Brookhaven Station shopping center from Hendon Properties for a whopping $30.2 million, making it one of the most expensive retail deals in Atlanta this year. The property spans an impressive 45,000 square feet and is located at 4046 Peachtree Street Northeast. The Ohio-based retail investment giant paid a staggering $670 per square foot, which is the highest price per square foot for a retail property sold in the city this year, according to Databank. This price significantly outpaced the metro Atlanta retail average of $193 per square foot, as reported by Partners Real Estate.
The shopping center is situated near the Brookhaven MARTA station and is almost fully occupied, reflecting the high demand for retail space in metro Atlanta. The tenants of the property include popular names like Chick-Fil-A, Mellow Mushroom, Fox Bros. Bar-B-Q, and Northside Hospital’s primary care center.
The seller, Hendon Properties, purchased the property in 2021 for $18 million or $400 per square foot and sold it three years later for a profit of nearly 68 percent. The sale was represented by JLL’s Jim Hamilton, Brad Buchanan, and Andrew Kahn on behalf of Hendon.
Despite a nationwide slowdown in retail sales, metro Atlanta remains a hot target for retail investors due to strong job and population growth in the area. Retail vacancy rates have fallen to record lows in Atlanta, sitting at just 3.6 percent in the second quarter, with Class A rents approaching $27 per square foot, according to Collier’s. Currently, less than 1 million square feet of retail space is under construction in the area.
Amy Fingerhut, senior vice president in CBRE’s Atlanta Retail Services Group, described the market as the most competitive she's ever seen in her career.
