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- May 9, 2019
- Deals, Georgia, Our Company, Our People, Retail Real Estate
- Staff reports
The Shopping Center Group, one of the largest, privately owned, retail-focused advisory firms in the U.S., announced the sale of an unanchored retail center in Austell.
TSCG’s T. Neal Pringle Jr., CCIM, director of investment sales and finance, and Adam Birnbrey, investment sales associate, represented the seller, RE/NLA Austell LLC of Montgomery, Alabama in this transaction that was finalized on April 12. An affiliate of Arlington, Virginia-based BM Smith & Associates Inc. acquired the asset for nearly $4.8 million.
No additional details were disclosed.
“Until Amazon figures-out how to deliver top-of-the-line medical services and a hot-off-the grill meal, there will always be a demand and need for the type of tenants that fill Austell Station,” Pringle said. “A healthy balance of service providers and restaurants make this an extremely smart investment for risk — averse funds.”
At 100% leased, Austell Station features Aspen Dental, My Eyelab, Jersey Mike’s Subs and Wingstop. The rent roll features 10-year leases with successive renewal options and 10% rent escalations every five years.
Built in 2018, the 8,800-square foot center is at the intersection of Austell Road and the East-West Connector across from WellStar Cobb Hospital.
More than 578,000 consumers with an average household income of nearly $85,000 reside within a 10-mile radius of Austell Station. The trade area population is expected to increase to nearly 617,000 by 2025. Nearly 50,000 daytime workers further solidify the trade area.
For more information, visit tscg.com.