Franklin Street, a family of full-service real estate companies, announced the sale of Whitlock Village in Marietta for $7 million. The 61,180-square-foot multi-tenant retail center sales price represents $114.42 per square foot.
John Tennant and Bryan Belk of Franklin Street represented the seller, American National Insurance Company, in the transaction. The buyer is a private local investor, Snellville Plaza LLLP.
“We were able to secure topend pricing for Whitlock Village because of its prime position in the Marietta market,” Tennant said. “It is becoming increasingly harder for investors to find value-add deals as many of these well-entitled deals have already been renovated and redeveloped. This asset provides the buyer with the opportunity to develop an outparcel to create additional cash flow and to lease up the remaining space.” Whitlock Village is a newly renovated, multi-tenant center including Goodwill, Dollar Tree and Hibbett Sporting Goods. The property is 96 percent occupied. National retailers including Kroger, BB& T, Waffle House, Rite Aid, Bank of America and McDonalds surround the property.
Franklin Street focuses on delivering value-added solutions to meet the evolving needs of clients.
For more information, visit FranklinSt.com.