Franklin Street arranged the sale of a 9,000-square-foot retail plaza in the Austell submarket of Atlanta to a California-based private investor for $3 million. Franklin Street’s Bryan Belk, John Tennant and the Atlanta retail investment sales team represented the seller, AFJ Properties, LLC, a real estate investment group based in Savannah, Ga. Chase Murphy with Skyline Seven Real Estate represented the buyer.
Mayberry Square, located at 3961 Floyd Road, was developed as an outparcel to an existing Home Depot and is fully leased by a Verizon Wireless, UPS Store, American Deli, and Restoration Physical Therapy. An existing loan assumption had to be secured for this transaction, and the seller and buyer worked well together to get the loan assumption process completed.
“We had a finite buyer pool because of the loan assumption, but at the end of the day, the site fundamentals are what allowed us to source the right buyer,” said Tennant, Franklin Street’s senior director of retail investment sales.
Mayberry Square is located at the highly-trafficked intersection of Floyd Road and the East West Connector in Georgia’s Cobb County. Built in 2006, the property is near many national retailers including Home Depot, Walmart, Target, Lowe’s and LA Fitness.
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