Metro Atlanta Retail Center Trades for $17M
- Oct 21, 2019
RCG Ventures has sold Spalding Village, a 235,318-square-foot retail community center in Griffin, Ga. According to Spalding County records, Big V Properties acquired the asset for $17 million. SRS’ Investment Properties Group assisted the seller in the transaction, while the buyer was self-represented.
The retail center sits on 23.5 acres at 1424 N. Expressway, roughly 1 mile north of University of Georgia’s Griffin Campus and 3 miles northwest of downtown Griffin. Located between Martin Luther King Jr. Parkway and McIntosh Road, the property sees a daily traffic count of 49,000 cars.
Spalding Village consists of nine buildings originally constructed between 1989 and 1991 and renovated in 2018. Anchored by Hobby Lobby, Ross Dress For Less, Goodwill, Ollie’s Bargain Outlet and Bargain Hunt, the center was almost 93 percent occupied at the time of sale. Tenant roster includes a mix of national, regional and local brands such as Mattress Firm, Cato, America’s Best Contacts & Eyeglasses, T-Mobile and GNC.
Investment Properties Group Managing Principal Kyle Stonis and Principal Pierce Mayson represented the seller in the transaction. In January, the brokerage team was also instrumental in the sale of a San Antonio community shopping center.