Sale of Fayetteville Retail Center Brings $23.3 Million

S.J. Collins Enterprises of Fairburn, Georgia, has sold the College Marketplace retail center in Fayetteville to ACF Property Management Inc. for $23.3 million, or $363.36 per SF.

ACF completed the purchase through its College Marketplace 16 LLC entity.

The 64,206-SF retail center, at the southwest corner of College Avenue and Millsap Road, is anchored by a 35,000-SF grocery store leased to Whole Foods Market. It opened in March.

The development is fully leased to multiple national and regional tenants including Deluxe Burger, Zoe’s Kitchen, Chipotle, Joplimo Mattress, Alumni Hall and Great Clips.

S.J. Collins acquired the 5-acre site in June 2014 for $4 million. The Gerald B. Jones Revocable Trust, led by Gerald B. Jones and Anne W. Jones of Fayetteville, was the seller. The site was previously an auto dealership.

ACF is based in Studio City, California, and manages properties in 12 states, with a niche of properties anchored by grocery or drug stores.