Brookhaven Retail Center Trades for $38.5M
The closest you can get to a sure thing in a tough market is a grocery-anchored retail center. Sterling Organization acquired the 100,000-square-foot Marketplace at Buckhead Center from ShopCore Properties. The shopping center, which is just inside the Brookhaven boundary, was formerly called Cherokee Plaza.
The Marketplace at Buckhead shopping center includes a nearly 82,000-square-foot Kroger and tenants such as Salon Lofts and Jersey Mike’s Subs. Sterling acquired it as part of a $267 million equity fund.
The Atlanta Business Chronicle reports that grocery-anchored shopping centers are often viewed as resilient retail investments, especially in markets with high-income demographics. That’s because grocery stores bring daily foot traffic to centers that can benefit other tenants. The average household income within a three-mile radius is $175,000.