Atlanta, GA – Colliers International, a global leader in commercial real estate services, has closed the sale of Acworth Crossing and Acworth Avenue Shops, two shopping centers in the Northwest Atlanta suburb of Acworth. Acworth Crossing sold for $12.5 million and Acworth Avenue Shops traded for $3.6 million.
Senior Vice President Joseph Montgomery and Vice President Tony D’Ambrosio of Colliers International’s Southeast Retail Investment Sales team represented the sellers in the transactions, a CMBS bondholder (Acworth Crossing), and one of the nation’s Top 20 Shopping Center owners (Acworth Avenue Shops).
Located at 3335 Cobb Parkway NW and built in 2006, Acworth Crossing is a 118,829-square-foot power center anchored by Best Buy, Michaels, PetSmart and Dollar Tree. The shopping center is 83 percent occupied.
Acworth Avenue Shops, located at 3345 Cobb Parkway NW and built in 2001, is a 16,130-square-foot unanchored strip center that is 100% occupied with a mix of national and local tenants.
“With its strong lineup of anchor tenants, Acworth Crossing provides the buyer an excellent opportunity to enhance the property’s revenues by achieving full occupancy,” said Tony D’Ambrosio. “Both properties benefit from their high-visibility locations on Cobb Parkway, a busy commercial artery.”
About Colliers International
Colliers International is a global leader in commercial real estate services, with over 13,500 professionals operating out of more than 482 offices in 62 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.
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Colliers International Closes Sale of Two Shopping Centers for $16.1 Million