The sale of a Douglasville shopping center illustrates a strong market for retail real estate, according to the brokers who facilitated the deal.
An affiliate of Ohio-based real estate investor Site Centers sold Market Square in Douglasville to an affiliate of Atlanta-based First Colony Financial Corp. Bryan Belk and John Tennant of Franklin Street represented the seller in the transaction.
They did not disclose the price, but Belk said in an email to Atlanta Business Chronicle that the brokers “received significant interest from local investment companies and national groups” as they were marketing the property. He attributed this to “continued growth in the Atlanta market and strong retail leasing fundamentals.”
“Despite the significant slowdown in the sales of industrial and apartments in the market, retail transactions have continued to occur due to the strong rent growth expectations and limited new supply that has been added over the past five years, making current spaces more valuable,” Belk said.
…
Market Square is on a main retail thoroughfare and across the street from a recently redeveloped K-Mart, which now is home to Burlington, Bealls, HomeGoods and Skechers stores, Belk said. He added that Franklin Street has managed leasing at the property for numerous years, and it has “always maintained a high occupancy level.”
The property, spanning over 115,000 square feet, includes an Aaron’s and Pet Supermarket stores and a YouFit gym.
Market Square was built in 1984 and renovated in 2019.
