ATLANTA—Whitlock Village, a multi-tenant retail center in the Atlanta suburb of Marrieta, GA, just traded hands. The 61,180-square-foot retail asset sold for $7 million, or $114.42 per square foot.
John Tennant and Bryan Belk of Franklin Street represented the seller, American National Insurance Company, in the transaction. The buyer is a private local investor, Snellville Plaza.
“Franklin Street was able to increase the NOI by adding strong tenants to the center through the tenant rep relationships we have in the area,” Tennant tells GlobeSt.com. “The increase in value also produced a very aggressive cap rate. This property offered the buyer one of the last value-add opportunities available in Atlanta.”
Whitlock Village is a newly renovated, retail center with Goodwill, Dollar Tree, and Hibbett Sporting Goods as tenants. The property is 96% occupied and located the fourth-largest principal city of the Atlanta MSA. Kroger, BB&T, Waffle House, Rite Aid, Bank of America and McDonalds surround the property.
“We were able to secure top-end pricing for Whitlock Village because of its prime position in the Marietta market,” Tennant says. “It is becoming increasingly harder for investors to find value-add deals as many of these well-entitled deals have already been renovated and redeveloped. This asset provides the buyer with the opportunity to develop an outparcel to create additional cash flow and to lease up the remaining space.”
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