Before the Great Recession, a shopping center in the heart of Buckhead sold for nearly $660 per square foot—a sum no development anywhere in the metro has come close to for the past decade... until now.
A new Whole Foods-anchored shopping center has fetched more than $630 per square foot in a recent sale, according to Bisnow.
And while the return of pre-recession prices in today’s hot market isn’t shocking, the location of the sale just might be.
Chamblee, the small DeKalb County city wedged between Brookhaven and Doraville, is home to Peachtree Station—originally branded as Peachtree Crossing—which went for more than $67.5 million in the deal. The shopping center is one of many new projects that have gone up along the Peachtree Boulevard corridor.
Developments include Parkview on Peachtree, Olmsted, 5211 Peachtree Boulevard, and a new office building near the city’s MARTA station. The proximity of the station to the burgeoning density is no accident.
Earlier this month, Parkview on Peachtree unveiled new tenants, bringing its occupancy up to more than 80 percent. A barbershop, an orthodontist’s office, a home decor store, a day spa, and a poké bar all joined the mix at the development just north of Peachtree Station.
With construction still roaring on multiple projects in Chamblee, it wouldn’t be surprising to see more top-shelf sales—and more expensive housing—in the near future.