Palm Beach based Sterling Organization has acquired Peachtree Parkway Plaza shopping center located outside Atlanta for $12.25 million. Peachtree Parkway Plaza is a 95,509-square-foot neighborhood center located at the intersection of Peachtree Parkway and Spalding Drive approximately 20 miles northeast of downtown Atlanta. Developed in 1986, the plaza is currently 83% occupied. Tenants include Goodwill, Dollar General, Youfit Health Clubs and Taco Bell and Wendy’s. The asset was purchased from DLC Management Corporation via the firm’s institutional fund Sterling Value Add Partners II, LP.
“Peachtree Parkway Plaza represents a solid opportunity to add value first by executing a lease up strategy and ultimately by upgrading the existing anchors with retailers that will cater appropriately to and ideally serve the residents of this affluent Atlanta suburb,” said Brian Kosoy, Managing Principal, President and CEO of Sterling Organization.
