Franklin Street arranged the sale of a 70,955-square-foot retail plaza in the McDonough submarket of Atlanta to an Alpharetta, Ga.-based private investment group. Franklin Street’s Bryan Belk, John Tennant and the Atlanta retail investment sales team represented the seller, GBT Realty Corp., a real estate development company based in Brentwood, Tenn.
McDonough Commons is located at 1541 Highway 20 West, across from the South Point regional shopping center. The newly built, mid-sized power center is 92.95% leased by a national tenant lineup that includes Burlington, Tuesday Morning, Pet Supermarket, Sprint and Great Clips.
“We have noted an important change in the type of commercial retail projects that developers are building,” said Tennant, senior director of retail investment sales for Franklin Street. “Gone are the days of 300,000+-square-foot regional power centers. It’s much more common to see 70,000-120,000-square-foot retail centers being built now because of the lack of depth of large box retailers.”
“This transaction shows Burlington’s strength to carry a real estate deal,” said Belk, senior director of retail investment sales for Franklin Street. “In the past, investors viewed Burlington as a coat retailer. But now, Burlington has rebranded and is a major off-price retailer competing with the likes of Marshalls, Ross and TJ Maxx. They have continued to see substantial same-store sales growth quarter after quarter.”
McDonough Commons is located on the highly-trafficked corridor of Hampton Road (Highway 20 West) in Georgia’s Henry County. The property is near many national retailers including Academy Sports, Hobby Lobby, JCPenney, Kohl’s, Rooms To Go, Party City and Five Below.
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 divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.
About GBT Realty Corp.: Founded in 1987, GBT Realty Corporation develops and operates virtually all types of retail and mixed-use developments throughout the United States from its headquarters in Brentwood, Tennessee, a suburban Nashville community. In recent years, the real estate company has completed over 6 million square feet of development totaling over $1 billion of project cost in 27 states through its shopping center, net lease and diversified development platforms. Since inception, GBT has been involved with the development, construction, leasing and management of over 30 million square feet of retail including grocery-anchored shopping centers, neighborhood centers, single-tenant buildings, regional power centers and mixed-use developments. The team’s combined decades of experience with local, regional and national tenants includes such names as Academy Sports + Outdoors, Hobby Lobby, Sprouts Farmers Markets, Publix Supermarkets, Walgreens, Dollar General, Ross Dress for Less, Kohl’s, Bed Bath and Beyond, T.J. Maxx, Marshalls, PetSmart and Target, to name a few. Currently, the company has $1 billion of commercial development totaling five million square feet in the pipeline and under construction.