June 13, 2019 — Newmark Knight Frank announced today the sale of Stonewood Village, a 106,485-square-foot shopping center located at 670 North Main Street in Alpharetta, Georgia. Mark Joines and Drew Fleming, senior managing directors with Newmark Knight Frank’s Capital Markets group, represented the seller, Nightingale Properties. Orkin & Associates purchased the property and was self-represented.
The transaction reflects continued investor demand for value-add shopping centers that are located in high-growth suburban areas and feature a healthy mix of service and necessity-based retailers, making them less vulnerable to e-commerce. According to one recent study, 99% of U.S. adults report that they regularly shop at brick-and-mortar shopping centers.
“Stonewood Village presented a rare opportunity for investors to capitalize on a well-positioned shopping center that offers significant value enhancement from the empty big box and outparcel development,” Joines said. “It was no surprise that the buyer, with a focus on long-term ownership, jumped on the chance to own the property.”
Built in 1986, Stonewood Village offers an ideal value-add opportunity with flexible space options for grocers and junior anchors. Lying within one of metro Atlanta’s fastest growing suburban corridors, the well-positioned shopping center is expected to benefit from a surge of nearby development and job growth. More than 137,000 people work within a five-mile radius of Stonewood Village, with average household incomes in the area exceeding $146,000.
Key tenants at Stonewood Village include Dover Saddlery, Anytime Fitness, Queen of Hearts Antiques and Pure Spa. More than 32,000 square feet of space is currently available for lease, including a vacant big box.
Alpharetta’s key economic indicators continue to trend upward. The city’s population has grown by approximately 15% over the last eight years, with nearly two-thirds of residents holding a bachelor’s degree. More than 5,000 companies are located within the city limits.