GA Shopping Center Trades for $24M
- Jul 17, 2019
Hutton has sold Oglethorpe Square, a 159,329-square-foot shopping center in Hinesville, Ga. A private investment group bought the retail asset for $24.2 million. According to Rebusiness Online, the sale was also subject to a 10-year, $17.1 million acquisition loan originated by Goldman Sachs and secured by Cohen Financial. Newmark Knight Frank represented the seller in the deal.
Located at 863 W. Oglethorpe Highway, the shopping center is close to Interstate 85 and 43 miles from downtown Savannah, near the Walmart Supercenter. Fort Stewart, the largest U.S. Army post east of the Mississippi River, with a full-time population of more than 12,000 people, is 4.4 miles north of the property.
Built in 2017 on an 18.5-acre site, Oglethorpe Square is anchored by T.J. Maxx, Hobby Lobby, Dick’s Sporting Goods, ULTA and PetSmart. The property is currently fully leased, with other tenants including Five Below, Great Clips, Longhorn Steakhouse and Starbucks.
NKF Senior Managing Directors Drew Fleming and Mark Joines, together with Associate Henry Kushner, represented the seller in the transaction.
In March, a NKF team assisted CIM in the disposition of a 427,800-square-foot shopping center in Riverdale, Utah. The retail asset, which was 97 percent occupied upon closing, traded for $48.2 million.