Franklin Street has negotiated the $5.45 million sale of Olde Towne at Berwick, a retail strip center located at 50 Berwick Boulevard in Savannah, Ga., one of America’s most historic cities. John Tennant, Bryan Belk and Todd Mitchell of Franklin Street’s Atlanta office represented the seller, Berwick Commons, LLC of Pooler, Ga., in the transaction of the 29,543-square-foot property. The buyer, Chapel Hill, N.C.-based Prudent Growth Partners, LLC, plans to hold the asset for long-term investment.
Olde Towne at Berwick is situated on U.S. Highway 17 about 250 miles southeast of Atlanta. The shopping center is adjacent to a Kroger grocery store and features a diverse mix of national and local service-oriented retail tenants including Anytime Fitness, State Farm and Marco’s Pizza.
“This center is a shadow-anchored by a popular Kroger in an area with substantial residential growth and limited retail competition nearby,” said Belk, senior director of retail investment sales. “We continue to see strong investor interest in shopping centers adjacent to grocery stores and that are home to daily service tenants like nail and hair salons, restaurants, and gyms.”
Built in 2007, Olde Towne at Berwick is located at the entrance of the 1,900-acre residential development known as Berwick Plantation, which contains over 3,300 home sites. The property was 91% occupied at time of sale and is surrounded by other national retailers including Starbucks, CVS, Wells Fargo, Subway, Pizza Hut, and Walgreens.
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.