Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant net lease retail property located at 2544 Wesley Chapel Road in Decatur, Georgia. The 1,678-square-foot property was fully leased to Take 5 Oil Change, a fast-growing automotive concept and included an income producing billboard. Northmarq’s Jeff Enck represented the seller, a group of locally based individual investors. The property was acquired by a 1031 exchange franchisee buyer for approximately $1.1 million reflecting a 5.55 percent cap rate.
“Despite the lack of credit on the franchisee tenant and the short-term leases, we were able to procure multiple offers on the property and close at full asking price in 30 days,” said Enck, Associate Director in Northmarq’s Atlanta, Georgia office. “The net lease retail sector continues to show increased strength with investors looking to hedge against the sharp rise in inflation. We look for this trend to continue in the short term and possibly level off modestly as changes are made to monetary policy.”
The tenant operates on an absolute triple net lease, and the site also offers income from a billboard leased to Clear Channel. The property is well positioned along a highly trafficked, low vacancy area with neighboring retailers including Home Depot, Kroger, Chick-fil-A, Planet Fitness and more. The site is located just 15 minutes from downtown Atlanta.
