Stan Johnson Company has completed the sale of a 5,013-square-foot retail center, The Forts. The fully leased, two-tenant property is located at 91-97 Parkway Dr. in Fort Oglethorpe. Ryan Roedersheimer of Stan Johnson Company represented the seller, a Tennessee-based investor. The property was acquired by an individual investor from Cumming, Ga. for $1.8 million reflecting a 6.75 percent cap rate.
“This was a fun deal to work with our client on,” said Mr. Roedersheimer, associate director in Stan Johnson Company’s Cincinnati, Ohio office. “Our biggest challenge was both tenants had early termination clauses for under-performance, but ultimately we were able to demonstrate to the buyer the strength of both tenants who were far exceeding their sales expectations.”
Built in 2018, the property is leased to America’s Best Contacts & Eyeglasses and Buff City Soap on long-term triple net leases. The center is an outparcel to a shopping center anchored by Walmart Supercenter, Hobby Lobby, Ross Dress For Less and other national retailers. Located five minutes south of Chattanooga, and approximately 90 miles north of Atlanta, the property has convenient access to Interstate 75 and is served by a growing population base.