A fully occupied Shenandoah neighborhood shopping center at the corner of Jones Creek Road and Ferrell Avenue has sold for $975,000.
Amazon Properties LLC, managed by Raghavendra R. Narra, sold the 9,300-square-foot retail space to Datta Jones Creek LLC, managed by Neal, Karan and Krunal Patel. Wade Greene, an agent with Maestri-Murrell Commercial Real Estate, represented the buyer in the deal.
The buyers were interested in the property because “it’s situated on a hard corner in a good area, a lot of the tenants have been there for a long time, and the leases are fair market rates,” Greene says.
The Maestri-Murrell team recently secured a lease for the only open spot in the center, with a hair salon called Show Cuts, Greene said. Other shops in the center include a bridal wear resale shop, a tanning salon, a nail salon, a skateboard shop and a tobacco shop.
Greene says the buyers are planning minor facelifts to the shopping center. Demand is high among investors for shopping centers such as this one, Greene says.
“Stuff like this isn’t staying on the market very long when it comes up,” Greene says. “A lot of investors are looking to put money into these things and there’s not a lot on the market.” —Kelly Connelly
