An undisclosed New York-based investor acquired the Powers Ferry Shopping Center in Sandy Springs, GA from a local partnership for $10.905 million, or about $424 per square foot as part of a 1031 exchange.
The 25,988-square-foot retail center was constructed in 2009 in the Cumberland/Galleria Retail submarket of Atlanta. The center is anchored by CVS and is currently 85% leased.
Mac McCall and John Tennant of Franklin Street Real Estate Services represented the seller in the transaction.
For more information, please see CoStar Comp #3004279.