Franklin Street has arranged the $12.75 million sale of Ellard Village, a 70,269-square-foot, mixed-use center located at 8470 Holcomb Bridge Road in the Alpharetta submarket of Atlanta. John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the Alpharetta-based seller, QSA Real Estate, LLC, in the transaction. The buyer, Octave Investments, LLC, owns other commercial properties in the area and plans to hold the asset as a long-term investment.
Ellard Village is 94.5% occupied and anchored by a CVS Pharmacy. The property features a diverse mix of daily use operators including fitness studios, restaurants, beauty salons, and offices. Built in 2007, the center is surrounded by various national retailers including Kroger, Goodwill, OrangeTheory, Studio Movie Grill, The Zoo Health Club, Starbucks, and Chick-fil-A. With 54,000 vehicles per day on Holcomb Bridge Road, the property had excellent daily traffic in front of the shopping center. The property also benefited from the strong surrounding demographics with average household incomes above $148,000.
“Buyers continue to be attracted to retail strip centers in well-located areas such as Alpharetta,” said Belk, senior director of investment sales at Franklin Street. “Many investors prefer retail centers without large anchor tenants such as Ellard Village because it’s easier for landlords to replace tenants in smaller spaces. It also reduces the tenant improvement costs required to re-lease the property.”
About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.