Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a multi-tenant retail center located at 9484 Highway 5 in Douglasville, Georgia. The west Atlanta strip center totaled 6,975 square feet and was fully leased to three tenants: Starbucks, Zales and Five Guys. All tenants operate on long-term net leases. Brian Lane, Emery Shane and Billy Benedict of Northmarq marketed the property on behalf of the seller, a real estate developer partnership of CONNOLLY, Coro Realty and Wilson Development Group. The asset was acquired by a private investor from New Jersey for approximately $5.9 million.
“This three-tenant center sits on arguably the best corner in an area with more than 4.0 million square feet of surrounding retail,” said Lane, Associate Director in Northmarq’s Alpharetta, Georgia office. “This is evidenced by each of the tenants signing long-term corporate leases, with two of the tenants relocating from within the market to be in this specific location.”
The property was built in 2021 and is situated on 0.94 acres at the signalized corner of Highway 5 and Douglas Boulevard. Just 20 minutes west of Atlanta, the center is an outparcel to Arbor Square, which is anchored by HomeGoods and Burlington. Other area tenants include Kroger, Home Depot, Lowe’s and At Home.
“We were able to generate multiple offers and achieve our seller’s goals on price as well as timing for when they requested to close,” Lane added.