Franklin Street has arranged the $4.1 million sale of The Shops at Eagle Pointe, located at 2990 Eagle Drive in Woodstock, Georgia, approximately 30 miles north of downtown Atlanta. John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the seller, Alpha Opportunity Fund I, LLC of Indianapolis. The buyer was D2D Holdings, Inc., who plan to hold the asset for long-term investment.
Justin Berryman, director of retail leasing for Franklin Street, was successful in fully leasing the asset for Sandor Development before taking the project to market. The 26,960-square-foot retail strip center has a strong mix of daily use tenants including a gym, dry cleaners, doctor and restaurants, with several new leases recently signed.
“We’re pleased that two Franklin Street business lines were able to serve this client through the leasing and sale of the asset,” said Belk, senior director of investment sales at Franklin Street. “With the recent leases signed, including rent bumps to provide future growth to the NOI, and limited tenant rollover, the buyer will certainly achieve a strong cash return in a growing market, Woodstock, that has doubled in size over the past 10 years.”
“When the seller was ready to bring Eagle Pointe to market, they were aware that one of their oldest tenants in the center was an operating plant dry cleaner,” said Tennant, senior director of Investment sales at Franklin Street. “Franklin Street worked closely with the seller to draft an agreement that was mutually beneficial to the buyer, tenant and seller so that the transaction could close. Between our landlord leasing and investment sales divisions, we were able to add value for our client and get the deal to the closing table.”
The Shops at Eagle Pointe are positioned in a prime corridor across the street from Etowah High School with excellent visibility and proximity to daily traffic generators Kroger, Aldi and LA Fitness. The center has been well-maintained and has little deferred maintenance for the new investor.
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