Town Center Commons
Closed725 Ernest W Barrett Pkwy NW, Kennesaw, GA 30144
Property type
Retail
Price
$13,000,000
Building size
159,818 sf
Rentable area
159,818 SF
Year built
1998
Year renovated
Occupancy
Zoning code
Lot size
8.11 Acres
Sold/status
Sold · Date unknown
Sale price
$13000000
Property description
Franklin Street is pleased to offer to investors Town Center Commons in Kennesaw, Georgia. Kennesaw is a northern suburb in the Atlanta MSA. Atlanta is the 3rd fastest growing metro in the country and has grown to a population over 6M residents, making it the 8th largest metro in the country. Atlanta’s old nickname “Hotlanta,” which dates back decades, could now be used for some of its economic indicators. The city boasted an all-time low unemployment rate of 2.4% in October, among the lowest in the country. Kennesaw is a thriving community located in Northwest Cobb County along the I-75/Cobb Parkway corridor only 25 miles from downtown Atlanta. Attractive, modern neighborhoods and a thriving business environment blend seamlessly with excellent recreational and cultural amenities and a wealth of parks and green spaces. The City offers first-rate educational opportunities at all levels and is adjacent to Georgia’s third-largest university, Kennesaw State. Kennesaw State University is a major economic engine in metro Atlanta, ranking as one of the 25 largest employers in the region and had a total economic impact of $1.46 billion in the previous fiscal year. Town Center Commons is located along Barrett Parkway (53,000 VPD), the top retail destination in northwest Atlanta, pulling shoppers from as far as Chattanooga up I-75. The center is shadow-anchored by Dick's Sporting Goods and Costco, and anchored by the only Public Lands location in the Southeast right now. Dick's Sporting Goods is the guarantee on the Public Lands lease and reported record earnings in 2021 of 26.5% growth in consolidated same-store sales. The junior anchor, Five Below, posted strong comparable sales for the 2021 4Q holiday shopping season that rose 7.7% on top of a record 10.1% increase registered in 2020. Other tenants across the rent roll include Original Mattress Factory, Affordable Dentures & Implants, and a strong mixture of local service tenants. The property has convenient access off I-75 & I-575 on Barrett Parkway, which has some of the highest traffic counts in Georgia. Town Center Commons has a strong historical occupancy with a 2,880 SF end cap unit still to be leased as additional upside for a new investor. Though not owned, both Dick's Sporting Goods and Shane Company contribute their proportionate share of the common area maintenance fees to the property owner. Other national traffic generating retailers on the corridor include Whole Foods, Academy Sports, Walmart, Target, REI, Best Buy, DSW, PetSmart, among many others.
Property highlights
- Town Center Commons benefits from the draw of shadow anchor Dick's Sporting Goods (#2 ranked in the state & top 94% nationally) and Costco; the center attracts 1.3M visits a year (Placer.ai)
- Located in one of the top retail corridors in the Atlanta MSA (53,000 VPD), many retailers have their #1 performing location in the state along this corridor
- Densely populated area with 175,000 residents within 5 miles
- Strong household incomes: $108,000 average HHI
- Recent lease renewal from Five Below, 10+ Years remaining on Public Lands lease, and new 10 Year lease with Affordable Care (400+ locations)
- Substantial growth in the Kennesaw market in the last couple years with Kennesaw Marketplace development, continued Kennesaw State University expansion, and Cherokee Street Corridor Project
- Public Lands is new Dick's Sporting Goods concept (Tenant spending $2.8M on buildout) - Out positions its competitor, Cabela's, which is further from the core of Atlanta
- New Roof: 20-Year transferable warranty