Sterling Organization has sold Peachtree Parkway Plaza in Norcross, Ga., for $19.5 million.
The new owners were not disclosed.
The 94,117-square-foot shopping center was originally acquired in October 2015 for $12.25 million.
The property is located in an affluent suburb of Atlanta with more than 69,000 people within a three-mile radius that have a household income of approximately $124,000. Peachtree Parkway Plaza is anchored by a 35,928-square-foot Goodwill with additional national tenants at the plaza including, Dollar General, Sign-A-Rama, Pizza Hut and CosmoProf.
During ownership, Sterling made several upgrades to the property, which aided leasing efforts to grow occupancy from 83 percent at acquisition to 95 percent at disposition. In 2017, Sterling also sold a Taco Bell outparcel for $1.2 million, which was included in the original property acquisition.
“During our ownership, our team was able to execute on our business plan at Peachtree P
