Franklin Street has arranged the sale of Northtowne Centre, a 257,744-square-foot regional shopping center in Hixson at 5450 Highway 153. Coastal Equities, a South Florida-based commercial real estate investment company, acquired the asset for $14 million.
Franklin Street’s John Tennant and Bryan Belk, of the firm’s Atlanta Retail Investment Sales Team, represented a private seller in the transaction.
Northtowne Centre was 96.26 percent occupied at the time of sale with national tenants including Hobby Lobby, Ashley HomeStore Outlet, American Freight & Mattress, Staples, Dollar Tree, Stockdale’s, Great Clips and others. The property also features outparcels for Waffle House, McDonald’s and Firestone Complete Auto Care, which were not included in the transaction but provide additional traffic for the shopping center.
Northtowne Centre is situated within a dense trade area that sees 45,295 vehicles per day along Highway 153 and serves more than 140,000 residents within a 7-mile radius. The property has been well maintained and recently received upgrades to the exterior façade, lighting and signage.
“This transaction is just one example of how, despite COVID-19’s impact on the retail sector, investors are still interested in well-located retail centers with diverse credit tenants,” said Mr. Belk. “This asset is well-positioned with the types of tenants that continue to perform well, including furniture, hobby items, lawn care and livestock feed, and discount retailers."
“Motivated buyers who are willing to move quickly on assets are currently benefiting from attractive pricing along with historically low interest rates, providing strong risk adjusted returns for retail centers,” said Mr. Tennant.