Shoppes at Ola Crossroads
Closed3479 Hwy 81, McDonough, GA 30252
Property type
Retail
Price
$21,207,000
Building size
70,887 sf
Rentable area
70,887 SF
Year built
2021
Year renovated
Occupancy
Zoning code
Lot size
15.57 Acres
Sold/status
Sold · Date unknown
Sale price
$21207000
CAP
4.82%
Property description
Franklin Street is pleased to present the opportunity to acquire Ola Crossroads in McDonough, GA. McDonough is located in the Atlanta MSA, 30 miles southeast of downtown. The property was recently developed and is anchored by a Publix grocery store. Publix's store sales have far exceed projections and are in line to be one of the top performing locations in the metropolitan. The rent roll is made up of a diverse mix of multi-unit operators with scheduled rental increases throughout their initial terms and options. McDonough is a rapidly growing area of Atlanta with annual growth rates exceeding 2%, and has seen the job market increase by 2.9% over the last year. Future job growth over the next ten years is predicted to be 46.7% (US average 33%). Henry County, where Ola Crossroads is located has welcomed several new companies and announced eclipsing $1 billion in investments and 6,560 new jobs over the previous 5 years. The immediate area is surrounded by strong household incomes and is conveniently located next to the elementary, middle, and high schools for the surrounding area. Surrounding the shopping center is 120 to be developed residential lots as well, which will drive additional traffic to the center. The property has many architecture upgrades that were required by the municipality, which makes it much more visually appealing than traditional Publix centers. The opportunity is offered free and clear of existing financing, providing an investor with an opportunity to secure historically low interest rates and favorable financing terms for high quality grocery-anchored retail centers.
Property highlights
- 70,887-SF new construction Publix anchored center in the Atlanta MSA
- Stable rent roll with long term leases in place
- Diverse tenant mix of restaurants and service tenants
- Excellent Publix sales: contact agent for sales
- 57% of income base comes from Publix
- Growing traffic in front of the property: 19,600 VPD
- National tenant outparcel lineup: Tire Retailer, Wendy's, and car wash
- Scheduled rent growth throughout shop tenant leases
- High income suburb: $110,000+ household incomes
- Excellent access at a lighted intersection
- 120 new residential lots surrounding the property
- Next to elementary, middle, and high school (2,700+ students)