Franklin Street has arranged the $4.56 million sale of the Shoppes of Monroe, a 23,500-square-foot strip center located in Monroe, Georgia. Bryan Belk and John Tennant of Franklin Street’s Atlanta office represented the seller, Safety Harbor, Florida-based GD HM LLC, in the 1031-exchange. The buyer, who plans to hold the property long-term, was an Alpharetta, Georgia-based private investor.
“Investors are having a difficult time finding deals in major markets and they are more willing to invest in smaller markets to achieve returns and find available properties with national credit-worthy tenants,” Belk said. “Suburbs of Atlanta are seeing more investor activity, as well as new retailers, as the Atlanta job growth trends have continued to improve. A new 100,000-square-foot Kroger is planned just north of this property, which should only increase retail traffic flow to Monroe, thus benefiting the Shoppes of Monroe.”
The property, located at 1946-1986 W. Spring St., is home to a lineup of national tenants including Moe’s Southwest Grill, Shane’s Rib Shack, Verizon Wireless and Little Caesars Pizza. The property is currently 82 percent leased, and the buyer plans to fill the two remaining available spaces.
“This strip center garnered a lot of investor interest given its strong location within the market near a Wal-Mart and Home Depot,” Tennant said. “With its position within Monroe’s main retail corridor, we were able to achieve above asking price.”
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