Newmark Knight Frank (NKF) announces the sale of a 130,497-square-foot retail asset in Newman GA. NKF’s Retail Capital Markets team of Senior Directors Mark Joines, Drew Fleming and Andrew Ragsdale represented the seller, Retail Value Inc. The buyer, Apollo, was self-represented in the transaction.
“The market for NNN credit tenants is still very active, especially for essential retailers like Lowe’s,” said Joines. “We anticipate that this trend will continue as the home improvement sector and grocery purveyors realize strong year-over-year sales growth.”
The 130,497-square-foot property located at 955 Bullsboro Drive, Newnan currently has a long-term NN lease with Lowe’s Home Improvement and spans 19.25 acres. The asset includes a recently installed roof and features a robust traffic count with signalized access for easy customer entry from Bullsboro Road. Bullsboro Road is Newnan’s long-established retail corridor with over 4.2 million square feet of retail within a 2-mile radius. The corridor features a strong mix of national big-box tenants including Home Depot, Hobby Lobby, Academy Sports, Publix, Ross, PetSmart and Aldi as well as Ashley Park–a 565,000 square foot lifestyle center. The property sits adjacent to Interstate-85, a Walmart Supercenter and is 30 minutes southwest of Atlanta.
Atlanta is one of the fastest-growing metro areas in the country and is the economic capital of the southeast as well as a global business hub. The region added 72,500 new residents between 2018 and 2019 and includes corporate commitments from State Farm, Mercedes-Benz, Porsche, Kaiser Permanente, KPMG, Google, WorldPay, GE, NCR, Honeywell and Anthem. Atlanta is a leader in mobile technology, supply chain management, internet security, healthcare IT and payment processing. The city and region have also witnessed a dramatic increase in on-site film production making it a big regional business driver while technical and professional services continue to be key employment generators.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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