Hendon Properties turns 68% profit in Brookhaven Station sale

SITE Centers has acquired the Brookhaven Station shopping center from Hendon Properties for $30.2 million, in one of Atlanta’s most expensive retail deals this year, the Atlanta Business Chronicle reported. 

The Ohio-based retail investment giant paid $670 per square foot for the 45,000-square-foot property at 4046 Peachtree Street Northeast. That’s the highest price per square foot for a retail property sold in the city this year, according to Databank. The price far outpaced the metro Atlanta retail average, which is $193 per square foot, according to Partners Real Estate.

Located along Peachtree Road near the Brookhaven MARTA station, the 4.6-acre shopping center’s tenants include Chick-Fil-A, Mellow Mushroom, Fox Bros. Bar-B-Q and Northside Hospital’s primary care center. The mall is nearly fully occupied, a reflection of the high demand for retail space in metro Atlanta, where retail construction has slowed significantly.

The seller, Atlanta-based Hendon Properties, purchased Brookhaven Station in 2021 for $18 million, or $400 per square foot, and sold for a profit of nearly 68 percent after three years. JLL’s Jim Hamilton, Brad Buchanan and Andrew Kahn represented Hendon in the sale.

“Brookhaven Station was one of the most highly sought-after retail investment opportunities in 2024,” said Hamilton, noting the center’s prime location in affluent Brookhaven and the scarcity of retail properties on the market.

Metro Atlanta remains a hot target for retail investors despite a nationwide slowdown in sales. The area continues to benefit from strong job and population growth, making it a favorite for capital pouring into the Southeast.

Retail vacancy has fallen to record lows in Atlanta, sitting at 3.6 percent in the second quarter, as Class A rents approach $27 per square foot, according to Collier’s. Meanwhile, less than 1 million square feet of retail space is under construction.

“It is the most competitive market I’ve ever seen in my career,” Amy Fingerhut, senior vice president in CBRE’s Atlanta Retail Services Group, told the outlet earlier this year.

—Rachel Stone

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