DEALS

Deals

Shops at Turner Hill – Lithonia, GA

THE OPPORTUNITY

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

THE HIGHLIGHTS

  • 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