Northmarq investment sales broker Jeff Enck arranged the $3.33 million sale of Governor’s Walk, a 21,280 sq. ft. multitenant retail property. Within 29 miles of the Atlanta CBD, the property is located at 1980 GA Highway 54 in Peachtree City, Georgia. Governor’s Walk totals 14 units and was 100 percent occupied at the time of contract signing. Northmarq’s Jeff Enck represented the Florida based seller as well as the California-based 1031 exchange buyer in the sale.
“Despite the new interest rate environment, we were able to generate ten offers on the property and close with a 1031 exchange buyer who put a large cash payment down with a small loan. The property had several physical challenges including a 30-year-old metal roof and an aging septic system, so we needed an experienced investor who was willing to do some work,” said Enck. “We are finding that patience is critical in today’s market to maximize price. It often takes weeding through several potential buyers to find the right investor for the right asset.”
Governor’s Walk is situated on a highly visible site off GA Highway 54 and is surrounded by national retailers including Publix, Sprouts, CVS Pharmacy, Starbucks, Dunkin’, Zaxby’s, and a newly constructed Advance Auto Parts. As a principal city of the Atlanta MSA, Peachtree City averages a household income of $139,000 within a three-mile radius of the property.
Tenants at the property include: Car Wash, Donut Shop, Peachtree Pawn, Fresh Smoothie Café, Mary Nails, Curves, Carolina Hemp Co., Southern Crescent Spa, Peachtree Wax Studio, La Plaza R&R Inc., Flooring Store, Men’s World Barber, Rene’e Paige Salon, and M&R Alterations.