Atlanta-Area Retail Center Changes Hands

Douglasville Town Center. Image courtesy of Marcus & Millichap

Marcus & Millichap has brokered the $19.8 million sale of Douglasville Town Center, a 272,785-square-foot retail center in Douglasville, Ga. The property was fully leased at the time of sale.

Senior Vice President Tim Giambrone marketed the property on behalf of Block & Kahan Properties, identified by CommercialEdge as the seller, and secured the buyer, an out-of-state private capital investor. The same data provider reveals that the asset previously traded in 2008 for $7.3 million.

Located at 5891-5989 Stewart Parkway, the property came online in 1989 on more than 33 acres, CommercialEdge data shows. Liquidation superstore BuggyBusters anchors the retail center, together with Rogers Mechanical Contractors, Andy’s Wholesale and Cobb Douglas Community Services Board.

Douglasville Town Center is some 25 miles from downtown Atlanta, in a dense retail area that includes the 1.2 million-square-foot Arbor Place Mall. Hartsfield-Jackson Atlanta International Airport is 30 miles away.

According to a Cushman & Wakefield report, the retail sector experienced seven quarters of continuous positive net absorption, amounting to a national total of 10.9 million square feet in the last quarter of 2022. Metro Atlanta was one of the top-performing markets, with 574,000 square feet absorbed.

Earlier this month, a joint venture between Pantheon and ShopOne Centers REIT Inc. acquired a grocery-anchored retail center in the metro. The property was 98 percent occupied at the time of closing.