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Brookhaven Retail Center Flips for $670/SF
Retail giant Site Centers has paid a big price for a smallish retail center. The company paid $30.2 million for the 45,000-square-foot Brookhaven Station, or about $670 per square foot. Research firm Databank reports that’s the highest amount paid per foot this year for a retail center. The Atlanta Business Chronicle reports over the past year, 704 retail properties were sold in metro Atlanta. The average transaction price was $193 per square foot.
JLL worked on behalf of the seller, Hendon Properties. It acquired Brookhaven Station in April 2021 for $18 million. JLL says the Brookhaven Station had nearly one-million visitors over the past 12 months and has maintained historical occupancy of nearly 100%. Brookhaven Station was built in 1985 and renovated in recent years.
The 4.6-acre neighborhood retail center is along Peachtree Road near the Brookhaven Marta station. It’s tenants include Chick-fil-A, Mellow Mushroom, Fox Bros. Bar-B-Q, Chopt and a Northside Hospital primary care location.
- ◦Sale/Acquisition
