615 Ventures acquired the 72,168-square-foot property in the Kennesaw submarket
ATLANTA (December 13, 2022) – Franklin Street has arranged the sale of Town Center Commons, a 72,168-square-foot retail property in Kennesaw, Georgia, for $13 million, or approximately $180.14 per square foot. The 96% occupied property is shadow-anchored by Dick’s Sporting Goods and Costco.
Franklin Street’s Atlanta-based Retail Investment Sales Team of Bryan Belk and John Tennant represented the seller, Ardent, in the transaction. The buyer is 615 Ventures, a Nashville-based investment firm that focuses primarily on the acquisition and management of real estate assets nationwide.
“While rising interest rates have caused investors to reevaluate their acquisition strategies, properties like Town Center Commons, with its prime location and great upside potential, continue to make strong long-term investments,” said Belk. “We’re pleased to have helped 615 Ventures add this asset to their portfolio.”
In addition to Dick’s Sporting Goods and Costco shadow anchors, Town Center Commons features a unique tenant lineup of national brands including the first Public Lands location in the Southeast, which anchors the property. The outdoor and sporting goods store is a new concept by Dick’s Sporting Goods. Other tenants include Five Below, which recently renewed its lease, as well as The Original Mattress Factory, Affordable Dentures & Implants, Town Center Nails, K-Town Vapor Lounge, Automation Personnel Services and Pinch of Spice.
The property boasts strong historical occupancy, and a vacant 2,880-square-foot end cap unit provides upside opportunity.
Situated within Atlanta’s affluent Kennesaw submarket, Town Center Commons attracts 1.3 million visits a year. At 725 Ernest W Barrett Pkwy., the property occupies 8.11 acres along one of the busiest retail corridors in northwest Atlanta, which sees an average daily traffic count of over 53,000 vehicles.
“Town Center Commons is well-positioned for long-term success given its diverse unit mix, including the recently opened Public Lands, as well as the opportunity to immediately generate additional revenue by filling the vacant end-cap,” said Tennant.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With $7 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide. Learn more about Franklin Street at FranklinSt.com.