MarketPlace Terrell Mill
Closed1420 Terrell Mill Rd, East Cobb, GA 30067
Property type
Retail
Unit / Space count
4
Price
$7,760,000
Building size
13,234 sf
Rentable area
13,234 SF
Year built
2022
Year renovated
Occupancy
100%
APN
17-0923-0-021-0
Zoning code
RRC
Lot size
1.96 Acres
Sold/status
Sold · Date unknown
Sale price
$7760000
CAP
6.82%
Price per Unit
$1,940,000
Price per SF
$586.37
Net Operating Income
$529,216
Property description
Franklin Street is pleased to present Marketplace Terrell Mill, a Kroger shadow-anchored shopping center, in Marietta, Georgia. Marietta is an affluent northwest suburb of Atlanta MSA, which has 6.2 million residents and is the 3rd fastest growing large metro in the country. The property is located proximate to The Battery, the 2.25M SF development that is home to the Atlanta Braves and spurred significant development in the surrounding area. Marketplace Terrell Mill is a Class A retail strip center located with a larger mixed use project. The development includes a relocated Kroger, 298 Class A luxury apartments, Chick-fil-A, Panera, Wendy's, Regions Bank, and Extra Space Storage. The tenants include a strong mixture of experienced operators within the food and service industries including The Brass Tap, Deca Dental, Lush Nails, and Los Abuelos Mexican Grill. Each lease has attractive annual rent bumps and fully NNN leases, which reimburse for management fees as well. The development has attractive upgraded architecture, lighting, and landscaping features throughout with Colonial and Williamsburg influences adapted for modern commercial buildings. There is very limited grocery competition on this side of I-75 giving the shops a captured market with convenient access to all the surrounding office complexes, most sought after public schools, and affluent East Cobb neighborhoods. The densification of the corridor makes it very difficult for new retail product to be developed, which creates significant barriers of entry.
Property highlights
- New Construction 13,234 SF Kroger Shadow Center in Atlanta MSA
- Long Term Leases with Accretive Annual Rental Bumps in Each Lease
- Kroger Relocation/Expansion Store: proven store in the market moving from 0.2 miles away and expanding from 45K SF to 90K SF
- Strong Synergies Amongst Adjacent Parcels - 298 Class A apartments, Kroger, Chick-fil-A, Panera, Wendy's, Regions Bank, and Extra Space Storage
- Expansive Multi-family Growth in the Surrounding Area
- Located Near Cumberland Office District with 24M SF of Office and The Battery (Home of the Atlanta Braves)
- Highly Trafficked Intersection: 63,500 VPD Combined with traffic signal entrances on Powers Ferry Rd & Terrell Mill Rd
- Dense Submarket: 265,000+ Residents within 15 Minutes of the Property