Atlanta & Southeast + Atlanta + Retail | August 8, 2022

SITE Centers has acquired Parkwood Shops in Atlanta for $8.4 million.

SITE Centers Lands $8M CVS-Anchored Retail Center in Atlanta’s Cumberland

SITE Centers has completed its $8.4-million ($412 per square foot) acquisition of Parkwood Shops, a 20,397-square-foot retail strip center in Atlanta, GA. The 100% occupied property on Powers Ferry Road is anchored by CVS Pharmacy.

Bryan Belk and John Tennant of Franklin Street represented the seller, Ronus Properties, in the transaction.

“While investors today are revising their strategies in consideration of rising interest rates, demand for Atlanta retail remains quite strong,” said Belk. “That’s evident in the fact that we received over 15 qualified offers on this property and closed above list price.”

In addition to CVS, Parkwood Shops features tenant lineup including Boston Market, Jersey Mike’s and Planet Smoothie. Other tenants include Piu Bello Pizzeria, Hikaru Ramen and Personal Touch Cleaners. All tenants have more than four years remaining on their lease terms.

Parkwood Shops is situated within Atlanta’s affluent Cumberland submarket.

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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