Watson Lake Plaza
Closed2594 Loganville Hwy, Grayson, GA 30017
Property type
Retail
Price
$3,500,000
Building size
14,021 sf
Rentable area
14,021 SF
Year built
2006
Year renovated
Occupancy
100%
APN
R5155-009
Zoning code
Commercial
Lot size
1.64 Acres
CAP
7.25%
Price per SF
$249.63
Net Operating Income
$259,303
Property description
Franklin Street is pleased to present this recently developed 14,025 SF unanchored strip center in Grayson, Georgia. Nestled in the heart of Gwinnett County, Grayson, Georgia, offers a unique blend of small-town charm and modern convenience. Grayson exudes a peaceful ambiance, attracting families and young professionals seeking a quiet respite from the bustling Atlanta metro area. The Atlanta market is one of the strongest and fastest growing in the country. In the most recent census the MSA's population topped 6M residents and grew 15% in the previous 10 years, which made it the 3rd fastest growing metro in the country. The property is occupied by strong mix of Amazon-resistant tenants ranging from healthcare, dental care, & personal care. Loganville Highway has experienced substantial growth over the last couple of years. New national retailers built within the last two years include: Starbucks, Chipotle, Guthrie's, Panda Express, Chase Bank, and Take 5 Oil Change among others. Over 50% of in-place tenants have occupied the property for over 10 years, indicating strong performance. Ownership has recently spent significant capex improving the condition of the property. Recent improvements include a roof replacement and new landscaping.
Property highlights
- Strong Visibility off Loganville Hwy (35,000 VPD)
- Expanding retail corridor: Nearby developments include Starbucks, Chipotle, Panda Express, Guthrie's & Scooter's Coffee
- Amazon-resistant tenant lineup: Salons, Dental Care & Medical Care
- NNN Lease structure for 70% of GLA
- Recent Capex done: Roof Replacement & Updated Landscaping
- Strong population density surrounding the property: 140,000+ residents within 5 miles
- Affluent submarket of Atlanta Metro: Avg. HHI of $125,000 within 3 miles of the property
- Ability to push rents with upcoming tenant rollover: Majority of rents are in the mid to upper teens PSF
- 72% of GLA is occupied by medical tenants; Higher investment into their space & longer terms of occupancy
- Small suite spaces: All tenants occupy less than 5,000 SF, easily replaceable in comparison to larger spaces