Cushman & Wakefield announced the commercial real estate services firm has arranged the sale of Paradise Shoppes of Ellenwood, a 60,160-square-foot (sf) community shopping center located in the Ellenwood submarket of Atlanta. The final sale price was $10.2 million, equating to $170 psf.

Margaret Jones and Lane Breedlove of Cushman & Wakefield represented the seller, SITE Centers, in the transaction. The retail property was acquired by Noble Properties.

“Paradise Shoppes of Ellenwood received robust investor demand due to new, long-term anchor leases from Planet Fitness and Dollar Tree, and presented a significant mark-to-market rent opportunity on small shop suites,” said Jones, Senior Director at Cushman & Wakefield.

“Grocery-anchored assets are not the only retail property type experiencing an influx of interest and improved pricing levels. Investor demand for all fundamentally sound retail in the Southeast continues to outpace the supply of investment opportunities,” added Breedlove, Director at Cushman & Wakefield.

Located at 2800 E Atlanta Rd., Paradise Shoppes of Ellenwood is a shopping center anchored by Planet Fitness and Dollar Tree, which recently opened in 2021 and 2020 respectively. The retail property was 98% leased at the time of sale and includes a mix of fitness, medical, service, and food & beverage tenants.