Alpha Soda Center
Closed11760 Haynes Bridge Rd, Alpharetta, GA 30009
Property type
Retail
Unit / Space count
5
Price
$9,400,000
Building size
14,625 sf
Rentable area
14,625 SF
Year built
1995
Year renovated
Occupancy
Zoning code
Lot size
1.22 Acres
Sold/status
Sold · Date unknown
Sale price
$9400000
CAP
6.21%
Net Operating Income
$583,643
Property description
Franklin Street is pleased to present the Alpha Soda Center in Alpharetta, Georgia. Alpha Soda Center is a recently redeveloped 14,625 SF street front retail strip in the Atlanta MSA. The center has many new upgrades including roof, HVACs, new tenant buildouts, paint, and a 2,625 SF addition to the building. Alpharetta is one of the most affluent cities in Georgia with average household incomes of $153,808. Alpharetta is known as a technology hub with 700+ technology companies calling it home with more than a quarter of the top 25 technology companies in the Atlanta MSA. Alpharetta has more workers per square mile (4,632) than most major metropolises, including Denver, Houston, Charlotte, Nashville, Austin and even Atlanta. The Alpha Soda Center is centrally located within the market less than a mile from Alpharetta City Center, Avalon (2.3M SF), and the newly built Maxwell development. The area has seen numerous new residential communities developed within a mile of this property, densifying the downtown Alpharetta market. The property is an outparcel to Alpharetta Crossing, anchored by Urban Hardware with other recently developed out parcels including Shake Shack, Starbucks, F-45 and Regions Bank. The center is made up of five tenants, four of which are brand new, and the nail salon being a tenant in this property and the property behind it for more than 25 years. The landlord-friendly leases offer the ability to be reimbursed for management fees and admin fees, as well as all NNN charges.
Property highlights
- Newly redeveloped 14,625 SF street front retail center in prime Alpharetta, GA (Atlanta MSA)
- Attractive rental increases as a hedge against inflation in each lease: most are 2% or 3% annually
- Rapid population growth surrounding the property: 3.6% annually
- One of the most affluent cities in the state of Georgia: $150,000+ household incomes
- Densely populated north Atlanta suburb: 195,000 residents within 5 miles of the property
- Strong tenant mix of daily use and service-based retailers
- Alpharetta is the Technology City of the South with more than 19M SF of office space
- Stable asset as new 10-year leases were signed by each of the new tenants
- Under market rents in comparison to other new construction centers in the area