Mission Capital Markets 90K SF Atlanta Retail
The property has modest near-term rollover, and several of the tenants with expiring leases are currently negotiating renewals.
LAKE CITY, GA—Mission Capital Advisors is marketing Lake City Commons, a 91,494-square-foot community retail center located at 5656 Jonesboro Road in Lake City, GA. The Mission Capital team of Will Sledge, Kyle Kaminski and Tom Karras is marketing the property on behalf of a CMBS special servicer.
The property will be auctioned on the RealINSIGHT Marketplace, with the bidding window opening on July 23 and closing on July 25.
Constructed in 1998, the property boasts a diverse array of tenants, including anchor tenant Kroger—which is signed to a triple-net lease through 2024—as well as Dollar Tree, H&R Block, Metro PCS and Pizza Hut. In addition to occupying 69% of the property’s leasable area, Kroger also intends to construct and operate an on-site fuel center, which would generate additional traffic to the property.
The property has modest near-term rollover, and several of the tenants with expiring leases are currently negotiating renewals.
“In today’s challenging market, many buyers are looking to invest in grocery-anchored shopping centers, which provide much more stability than conventional retail assets,” says Kaminski. “Kroger has been at this property since its opening, and the grocer has performed successfully for a full two decades. With Kroger investing its own capital in the on-site gas station, the credit tenant is clearly demonstrating its plans to remain at the property for the long term.”
The property is located within 14 miles of downtown Atlanta, positioning it in the country’s ninth most populous metropolitan area.
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