Continental Realty Corporation acquired the 60,000sf suburban retail property from RCG Ventures
ATLANTA (June 2, 2021) — Franklin Street has arranged the sale of Summit at Towne Lake, a 59,722-square-foot shopping center in the affluent Atlanta suburb of Woodstock, Georgia. The LA Fitness-anchored property is one of the first gym-anchored retail assets to trade in the Southeast since the COVID-19 pandemic, signifying the return of investor confidence in the fitness tenant category.
Franklin Street Senior Director Bryan Belk and Senior Director John Tennant, of the firm’s Atlanta-based retail investment sales team, represented the seller, a joint venture between Atlanta-based RCG Ventures in the transaction. The buyer is Baltimore, Maryland-based Continental Realty Corporation, which acquires and manages commercial real estate properties throughout the Mid-Atlantic and Southeast.
At 2060 Eagle Drive, Summit at Towne Lake is situated 30 miles north from downtown Atlanta in a rapidly growing suburban area. There are approximately 150,000 residents living within a 5-mile radius of the property, and Eagle Drive sees 37,000+ vehicles per day. The property was 98.2% occupied at the time of sale.
The shopping center is anchored by LA Fitness, the No. 1 revenue generating health club chain in the United States. LA Fitness has been at the property since it was constructed in 2009 and recently executed a 15-year extension, demonstrating its commitment to the site. Notably, the Summit at Towne Lake location is in the top 78th percentile for foot traffic of LA Fitness locations nationwide.
The rest of the shopping center is comprised of daily service providers including hair, nail and tanning salons, as well as an orthodontist and pizzeria. One vacant 1,095-square-foot space provides upside for the buyer.
“Although the fitness sector was challenged over the last year, this LA Fitness location has remained strong and has seen its membership begin returning to pre-pandemic levels,” said Belk. “Summit at Towne Lake presented an attractive opportunity to acquire a property with a high-performing fitness tenant in a long-term lease, as well as several service-oriented tenants that are also benefiting from rising consumer confidence. These factors generated significant interest from investors and we received several qualified offers.”
In addition to being across the street from two major public schools, which generate foot traffic, the property benefits from neighboring centers anchored by major retailers such as Kroger, Sprouts, Aldi, Lidl and Walmart, among others.
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 more than $5 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 company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com.