Kings Bay Village
Closed2603 Osborne Rd, St Marys, GA 31558
Property type
Retail
Price
$7,800,000
Building size
83,311 sf
Rentable area
83,311 SF
Year built
1982
Year renovated
Occupancy
Zoning code
Lot size
13.60 Acres
Sold/status
Sold · Date unknown
Sale price
$7800000
CAP
9.72%
Net Operating Income
$757,925
Property description
Franklin Street is pleased to present Kings Bay Village, a 83,211 SF value-add opportunity in St. Marys, Georgia. St. Marys is located in Southeast Georgia, 35 minutes north of Jacksonville and 40 minutes south of Brunswick. St. Marys is home to the Naval Submarine Base Kings Bay, which covers over 4,000 acres and is the east coast home to Trident nuclear powered submarines with a base population over 15,000. Kings Bay Village is centrally located on Osborne Rd, the main thoroughfare for the area with 17,100 VPD. It is located between a Winn-Dixie-anchored shopping center and a Belk-anchored shopping center, servicing the trade area with limited retail options. National outparcel users Verizon and Hardee's additionally drive traffic to the property. Kings Bay Village is anchored by national tenants that have long-term leases remaining, including Bealls, Dollar Tree, Petsense, Verizon, and the US Dept of Veteran Affairs. The center still has 3 & 8 years remaining on roof warranties over much of the center and was recently painted. The center provides a value-add opportunity to a new investor with over 13,900 SF of vacant space to lease up to increase the NOI, all while having a secure income stream with the current tenants within the shopping center. The property also includes ~5 Acres behind the property that is developable and could be a good option for self storage or residential.
Property highlights
- 83,211 SF Retail Center in Southeast Georgia, 35 minutes from Jacksonville
- Value-Add Opportunity: 83% Occupancy
- National Tenant Lineup: Bealls, Dollar Tree, Petsense, Verizon, and US Department of Veteran Affairs
- Secure Income Stream: 74% of Income Stream Coming from National Tenants
- Recent Capital Improvements: Newer Roofing Over +/-52,000 SF, New LED Parking Lights, and New Landscaping
- Located only a Few Miles from the U.S. Naval Submarine Base Kings Bay in St. Marys with 9,000 Military Personnel
- Separately Parceled Verizon Included: Potential spin off opportunity to lower basis