Cloud Springs Plaza
Closed1503 Old Lafayette Rd, Fort Oglethorpe, GA 30742
Property type
Retail
Unit / Space count
1
Price
$3,000,000
Building size
113,367 sf
Rentable area
113,367 SF
Year built
1968
Year renovated
Occupancy
Zoning code
Lot size
12.19 Acres
Sold/status
Sold · Date unknown
Sale price
$3000000
Property description
Franklin Street is pleased to present Cloud Springs Plaza, an approximately 113,000-square-foot neighborhood shopping center located in Fort Oglethorpe, Georgia and part of the Chattanooga MSA. The property is situated near the Georgia-Tennessee border just 7 miles from Chattanooga on a ±12-acre site along US Route 27 at its intersection with Cloud Springs Road–the two primary routes within the city. Built in 1968, the property has excellent sight lines to Highway 27 with multiple points of ingress and egress throughout the property. The center is anchored by Big Lots, Badcock Furniture and AutoZone, representing 72.7% of current occupancy. Cloud Springs Plaza is a well-positioned asset with excellent upside potential. Existing rents in the center are below market and there is tremendous opportunity for value creation through the lease up of the former Food Lion box (29,000 sq.ft.). Additionally, there is potential to add up to two additional outparcels on site without disrupting the operating anchor tenants’ parking requirements.
Property highlights
- The Fort Oglethorpe sub market is home to several Big Box retailers including, Home Depot, Lowes, Kmart, Michaels, PetsMart, Food City and Dollar General Market. New anchor tenant additions to the sub market include Hobby Lobby, Marshalls, Ross Dress For Less and Petco. The retail submarket is strong and it continues to grow, but there are very few zoned retail sites available in the trade area. The center presents a unique redevelopment opportunity for a value-add developer who will focus on the re-tenanting of the former Food Lion space and the adding of additional outparcels. Additional rent growth can be achieved upon negotiating renewals with the existing tenants in the center.