The good news is that Henderson Commons, the retail strip center on Highway 9 just south of Windward has been purchased. After THREE YEARS of nothingness because of bankruptcy, foreclosure and a bank sitting on their hands, an investment group has purchased the property. Now they are trying to figure out what to do with it. They may sell it to the next investor group or they may keep it and lease it up. It may still take a few more months for all that to shake out. In the meantime, I believe they are going to see that the property is better maintained.
I am still getting calls for interested tenants. That is a good thing. There is still positive activity in the market. Another good thing (actually a really good thing) is the fact that the cost basis for the new owners is reduced significantly from what the original owners had in it. That means the rent can be much lower and the new owners can actually make money on it. That is a win for everyone!
There are NO other retail centers that have that favorable position in Alpharetta that I know of. The small one next to the entrance of Lowes may get there, but it is still facing all the legal issues of cleaning up the title after foreclosure. Who knows how long that will take.
