ATLANTA – Colliers International, a global leader in commercial real estate services, represented Australian REIT and institutional advisor Charter Hall in the sale of a 45,528-square-foot Kroger supermarket in Marietta, Ga., in the East Cobb section of metro Atlanta. Atlanta-based Branch Properties LLC purchased the free-standing property for $3.6 million, or $79 per square foot.
Senior Vice President Joe Montgomery and Vice President Tony D’Ambrosio of Colliers International’s Atlanta-based Southeast Retail Investment Sales Group represented the seller in the transaction. Branch Properties represented itself in the purchase, which closed October 4.
Located at 1122 Powers Ferry Road and built in 1983, the property is 100 percent leased to The Kroger Co., one of the world’s largest retailers with 2,418 supermarkets and multi-department stores in 31 states. Kroger recently invested in interior and exterior upgrades to the property.
“Charter Hall is in the final stages of selling its U.S. retail properties and was a committed seller, while Branch Properties is a well-capitalized and opportunity-oriented investor. The buyer saw the upside of purchasing a well-located Kroger store with strong sales where other casual investors saw mostly risk,” said Joe Montgomery of Colliers International - Atlanta. “Thanks to the relationship between the buyer and seller on previous transactions, this sale took only 60 days to complete.”
The triple net-leased property benefits from a high-traffic location at Powers Ferry and Delk Roads as well as from affluent East Cobb demographics, which include a $67,736 average household income within one mile and $91,757 average household income within five miles. There are 16,452 residents within one mile and 197,041 residents within five miles of the property, according to the 2012 census estimates.