Out-of-state investor acquires metro Atlanta shopping center
Franklin Street Real Estate Services has arranged the $2.63 million sale of Toys “R” Us Plaza, a 19,173-square-foot shopping center located in Kennesaw, Georgia. John Tennant of Franklin Street’s Atlanta office represented the undisclosed Arizona-based seller in the transaction. South Carolina-based SCGVI-Barrett Parkway, LLC acquired the center.
“The buyer of the plaza was able to acquire well-positioned shadow shop space proximate to Town Center Mall in Kennesaw,” Tennant said. “The Town Center Mall submarket is the dominant retail submarket in northwest Atlanta, and is home to the top-performing stores for several national retailers. Furthermore, current rents at the plaza are below market, which offers the new owner great long-term rent growth potential.”
Toys “R” Us Plaza is located just off Barrett Parkway at 501 Roberts Court, and 173,000 people live within a five-mile radius of the site. The center is 93 percent occupied.
The asset will join a value-add fund controlled by the buyer.
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