River Exchange
Closed2100 Riverside Parkway, Lawrenceville, GA 30043
Property type
Retail
Unit / Space count
36
Price
$20,200,000
Building size
263,651 sf
Rentable area
263,651 SF
Year built
1990
Year renovated
Occupancy
Zoning code
Lot size
32.19 Acres
Sold/status
Sold · Date unknown
Sale price
$20200000
Property description
Franklin Street presents the River Exchange, a 263,651-SF Kroger-anchored center, in Lawrenceville, Georgia. Lawrenceville is the county seat of Gwinnett County, the second most populous county in Georgia. Approximately 475,000 residents of Gwinnett County, or 97 percent of the total labor force, are employed. Employers located in the county employ approximately 361,000 workers. River Exchange provides an investor a great opportunity to increase the NOI through lease up and increasing below market rents in the center. Kroger has just a $5.25 PSF rent at this location and has in recent years committed further to the property by building a Kroger fuel center and extending their lease to 2026. The shop tenants are all complementary businesses and daily-use operators. The majority of the shop space tenants have rental increases during their initial term and strong bumps in their option periods to allow for future rent growth. Many of the larger box leases were signed during the financial crisis, at what are now well below market rents. The center has five access points and is located at a very busy intersection off Hwy 316 which leads to Athens. The dense neighborhood population surrounding the property bodes well for the longevity of the shopping center. Furthermore, the large lot this property sits on allows for unlimited redevelopment opportunities in the future for alternative uses.
Property highlights
- Located in Booming Gwinnett County in the Atlanta MSA
- Value Add Opportunity - 83% Leased Retail Center with Mixture of National/Local Retailers
- 25 Minutes from Atlanta's core business districts
- Excellent Visibility: 44,500± VPD at Intersection
- High Household Incomes: $90,000+ Estimated Incomes within 10-Min Drive of Property
- Kroger has committed to site by building a Kroger Fuel Station and extending their lease 5 years
- Kroger store is Right-Sized at 63,986 SF
- Foot traffic to center has began to stabilize near pre-COVID levels
- National Co-Anchor base: Goodwill, Habitat Restore, CitiTrends, CATO, and Farmer's Furniture
- Strong leasing momentum - 12 lease extensions or new leases signed in the last year