The grocery-anchored shopping center was 96% occupied at the time of sale
McDONOUGH, GA (November 13, 2023) – Franklin Street has arranged the sale of Kelleytown Village, a 66,387-square-foot grocery-anchored shopping center in McDonough, Georgia.
Franklin Street’s Atlanta-based Retail Investment Sales Team of Bryan Belk and John Tennant arranged the transaction on behalf of the seller, Georgia- and Alabama-based Venture South Investments, LLC. The undisclosed buyer plans to hold the asset as a long-term investment.
“Grocer-anchored assets continue to be the most sought-after investment category in the retail shopping center space due to their stable income streams,” said Belk. “Publix has continued to be the dominant grocer in the state with the most units and continues to push expansion, to gain market share.”
Situated at 3500 Highway 155 N., Kelleytown Village, newly constructed in 2022, features a tenant lineup of Publix, Your Pie, Allure Nails, UPS, 100% Chiropractic, and other service-based retailers.
This sale marks the fourth largest transaction in the Atlanta market for retail sales in the last six months. “Due to the higher interest rate environment, fewer larger transactions are taking place. There still remains a large disconnect between sellers and what buyers are willing to pay with current interest rates,” 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.