Marcus & Millichap : Sells Alpharetta Retail Center for $8.4M

ATLANTA, April 26, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of the 33,133-square-foot unanchored retail center, Jones Bridge Triangle, in Johns Creek, Georgia, for $8,375,000.

"The demand for unanchored essential service retail centers in strong demographic corridors has never been higher," says Eric Abbott, senior associate. "We were able to achieve aggressive pricing despite the challenging interest rate environment. There is more institutional and private capital in this space than ever before, and we believe the trend will continue in this airspace."

Abbott and Zach Taylor, investment specialists in Marcus & Millichap's Atlanta office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, both private investors.

The retail center at 11895 Jones Bridge Rd. is fully leased and features a diverse tenant mix of 15 service, restaurant, medical, and other businesses. The center is situated on Jones Bridge Road, one of the premier corridors of the North Atlanta suburbs, boasting a 3-mile population of 82,000 and average incomes of $182,000. Positioned in a dense suburban area with few nearby retail centers, the property has long been a community staple. Over the past two years, the center has experienced strong leasing momentum, securing 11 new leases.