Parkwood Shops
Closed2014 Powers Ferry Rd SE, Atlanta, GA 30339-5033
Property type
Retail
Unit / Space count
1
Price
$8,400,000
CAP
5.68%
Building size
20,397 sf
Rentable area
20,397 SF
Year built
1996
Year renovated
Occupancy
Zoning code
Lot size
2.10 Acres
Sold/status
Sold · Date unknown
Sale price
$8400000
Net Operating Income
$476,923
Property description
Franklin Street is pleased to present Parkwood Shops a CVS anchored strip center in Atlanta, Georgia. Parkwood Shops is located approximately one mile from The Battery and Truist Park, home of the Atlanta Braves. Parkwood Shops is located in the Cumberland submarket of Atlanta and is home to 80,000+ employees. The Northwest Atlanta/Cumberland/Galleria submarket is one of the largest submarkets in the Southeast. Over $3 billion in public and private investment are coming to Cumberland/Galleria over the next four years. Some of Georgia’s largest employers from Fortune 500 Companies like Genuine Parts, The Home Depot, General Electric, Papa Johns, RaceTrac, HD Supply, Floor & Decor, and The Coca-Cola Company, among many others make the Cumberland their home. The center is conveniently located on the heavily traveled Powers Ferry Rd and at a lighted intersection. The tenant lineup is made up of a strong mixture of national and regional operators including CVS, Planet Smoothie, Boston Market, and Jersey Mike’s. The shopping center has an excellent historical occupancy and many tenants have been in their spaces since construction in 1996.
Property highlights
- CVS-anchored retail strip center located in Atlanta
- Atlanta is the 3rd fastest-growing metro in the country with over 6M residents in the MSA
- Large office submarket with limited retail options: 24M+ SF of office in Cumberland submarket and just 3M SF of retail
- Excellent visibility with 41,900 VPD on Powers Ferry Rd
- Densely populated area of Atlanta with over 216,000 residents within 5 miles of the property
- Affluent shoppers with $135,000+ average household incomes within the 15-minute radius
- Stabilized rent roll: all tenants have 4+ years remaining on their leases
- Below market rents for street-front retail; rental upside potential as leases mature
- Two newly-developed apartment complexes across the street: Elan Powers Ferry (276 units) and Overture Powers Ferry (176 units)
- Strong increasing CVS sales that are nearing the percentage rent breakpoint