Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of Windy Hill Crossing located at 2311 Windy Hill Road in Marietta, Georgia. The 32,000-square-foot unanchored center features a mixture of restaurants and service retailers including FedEx Office and Jackson Hewitt. Billy Benedict and Jeff Enck of Northmarq represented the 1031 exchange buyer, a locally based group of investors. The seller, represented by Kyle Stonis of SRS Real Estate Partners, was an investor group based in nearby Smyrna, Georgia. The property traded for approximately $6.0 million reflecting a 6.47 percent cap rate.
“Windy Hill Crossing is in a very prominent location within Atlanta’s northern suburbs, and there are several major redevelopments in the immediate area,” said Benedict, Associate in Northmarq’s Alpharetta, Georgia office. “The center has had very stable tenancy over the years, and at the time of sale, there was a new, pending lease that brings the property’s occupancy to over 96 percent.”
The shopping center was built in 1986 and is situated on 3.4 acres at the signalized intersection of Windy Hill Road and Highway 41, Marietta’s main surface thoroughfare.