The Summit at Towne Lake
Closed2060 Eagle Dr, Woodstock, GA 30189
Property type
Retail
Unit / Space count
7
Price
$11,600,000
Building size
59,722 sf
Rentable area
59,722 SF
Year built
2009
Year renovated
Occupancy
Zoning code
Lot size
8.52 Acres
Sold/status
Sold · Date unknown
Sale price
$11600000
Property description
Franklin Street is pleased to present for sale Summit at Towne Lake in Woodstock, Georgia. Woodstock is a northern Atlanta suburb some 30 miles from downtown Atlanta. Located in Cherokee County, the area has experienced rapid growth as residents flock to the suburbs in search of more affordability and higher quality school systems. The property is located less than 2 miles from I-575 connecting it to in-town Atlanta and is surrounded by many schools that are daily trip generators. The shopping center is anchored by a LA Fitness, the #1 revenue generating health club chain in the country. LA Fitness has been in the center since it was constructed in 2009 and recently executed a 15 year extension showing their commitment to the site. This location in the top 78 percentile for locations nationwide for visits, proving it to be a strong location. The remainder of the shop space is made up of other daily service providers including hair, nail, tanning, orthodontists, and dinning. There is one vacant 1,095 SF unit as upside for an investor. Tenants are paying their rents and have limited near term lease rollover on the rent roll. The area consists of other traffic generating retail shopping centers made of national tenants including: Kroger, Sprouts, Aldi, Lidl, Walmart, among others.
Property highlights
- 59,722-SF LA Fitness anchored shopping center in Atlanta MSA
- Recent 15-Yr extension by LA Fitness - Top 78% location for foot traffic in the country (Placer.AI)
- Affluent Atlanta suburb - $128K household incomes
- Excellent visibility along Eagle Drive - 37,000 VPD
- Across the street from Etowah High School (2,450 students) & E.T. Booth Middle School (1,822 students)
- Ability to parcelize and sell pieces separately in the future at lower CAP rates
- Cherokee County is the fastest-growing county in the Atlanta metro
- Strong scheduled rental growth throughout leases
- Dense surrounding neighborhoods: 149,000+ residents within 5 miles