CBRE Arranges Sale of Two Metro Atlanta Shopping Centers

CBRE has arranged the sale of two shopping centers in metro Atlanta, one located in Newnan, Georgia, and the other located in Ellenwood, Georgia. The retail centers were sold by two private entities for approximately $4.35 million. CBRE’s Craig Taylor represented the seller in each transaction.

The largest of the two shopping centers is Sullivan Towers. Located at 1065 Sullivan Road in Newnan, the retail center measures 12,950 sq. ft. and is anchored by a CVS. The property was purchased by local investor James Thomasson. The largest tenant is Carr Eye Care while others include a Touch of India restaurant, Kumon, and Surge Staffing. Five of the seven tenants have been located in the shopping center since at least 2015. Sullivan Towers was fully leased at the time of its sale.

The other property in the portfolio is Ellenwood Plaza. Located at 222 Fairview Road in Ellenwood, directly across from a newly renovated Planet Fitness, the center measures 9,450 sq. ft. and was sold to United Properties Ventures. Tenants include Metro PCS, Domino’s, and an ATM. Ellenwood Plaza was 95% leased at the time of its sale. Both shopping centers are located south of Atlanta.

“We received significant interest from potential investors, including multiple offers on each plaza, due to a lack of local supply in the retail investment market,” said Mr. Taylor, Senior Vice President with CBRE in Atlanta. “Despite uncertainty in the financial markets, we selected who we believed were the most qualified purchasers and achieved a successful result for our client.”