Verizon
Closed191 Newnan Crossing Bypass, Newnan, GA 30265
Property type
Retail
Price
$3,972,000
Building size
5,071 sf
Rentable area
5,071 SF
Year built
2006
Year renovated
Occupancy
Zoning code
Lot size
2.06 Acres
Sold/status
Sold · Date unknown
Sale price
$3972000
CAP
6.00%
Net Operating Income
$238,337
Property description
Franklin Street is pleased to present this freestanding Verizon Wireless in Newnan, GA. Newnan is withing the Atlanta MSA, located 35 miles southwest of downtown along I-85. The property is located on a large outparcel to Newnan Crossing, a 500,000-SF retail center anchored by Target, BJ's Warehouse, TJ Maxx, and many others. The location is in the center of the retail market which has over 2 million square feet of retail surrounding this site. Verizon has operated at this location since 2006, and recently agreed to extend their lease 10 additional years showing their commitment to this site. The lease structure is a very rare NNN lease, where the tenant is responsible for all repair and maintenance of roof, structure, and HVAC. The large parcel size allows for future redevelopment opportunities on the prime pad. Verizon is surrounded by a strong mixture of daily retail traffic generators including: Publix, Belk, JCPenney, Regal Cinemas, At Home, Best Buy, among many others.
Property highlights
- Trophy outparcel in Newnan - 2M sf of retail surrounding
- New 10 Yr Verizon lease from Corporate
- Strong tenant commitment - 14 Year operating history
- Excellent visibility - 29,700 VPD Newnan Crossing Bypass & 51,300 VPD Bullsboro
- Extremely rare NNN lease - 99% of Verizon's are NN
- 10% rental increases every 5 years during initial term and options
- Large 2.06 Acre lot - future redevelopment opportunities
- Strong demographics - $95k household incomes