The Palomar Group is pleased to announce the sale of Shops at Turner Hill, a multitenant investment opportunity in the Atlanta, GA MSA. The Shops at Turner Hill is a 32,200 square-foot retail shopping center consisting of national tenants Panera Bread and Xfinity (Comcast). The center is situated on a hard corner on a major retail corridor with major national retailers in the immediate area, including Walmart.
The center has been meticulously maintained since it was constructed in 2003 and is a striking presence thanks to its clean facade and landscaping. The location has excellent visibility from the signalized intersection along the major thoroughfare leading to Interstate 20.
Strong leasing momentum has brought in three (3) new tenants and three (3) lease extensions in 2020. Leases have been extended and negotiated so that all tenants are NNN; the center recoups 95% of all expenses. Minimal impact to the center from COVID-19.
The Shops at Turner Hill is an excellent opportunity to acquire a healthy, stable multitenant shopping center in the Atlanta MSA.
THE DEAL POINTS
- Square Feet: 32,200 SF
- Occupancy: 87%
- Asking Price: $6,885,137
- Asking Cap Rate: 8.00%
- Price PSF: $213.82/SF
- Three (3) new tenants and three (3) lease extensions in 2020
- Internet resistant tenant lineup of restaurants, healthcare, and services
- Panera Bread is a strong traffic driver with increasing sales over the last 5 years and significant lease term remaining
- Scheduled NOI growth through rent bumps and options
- Only 10% of GLA expiring over next 3 years
- Center is located on the main retail corridor in the Lithonia market
- Located at signalized hard corner
- Strong traffic counts of over 27,000 in front of center and over 111,000 on I-20
- Visibility and access are excellent
- Center located in the Atlanta MSA and benefits from continued growth of the Atlanta Market