Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a multi-tenant retail strip center located at 216 Carpenters Cove Lane in Cornelia, Georgia. The 6,668-square-foot center is leased to Starbucks, Cricket Wireless and Jersey Mike’s Subs. Northmarq’s Billy Benedict represented the seller, a Florida-based investor group. The buyer, Atlanta, Georgia-based Newburger-Andes, acquired the property for $3.1 million reflecting a 5.90 percent cap rate.
“This is a very prominent center that sits at the ‘A1’ position in a trade area that supports the surrounding five cities of Cornelia, Demorest, Mt. Airy, Baldwin and Clarkesville,” said Benedict, Associate in Northmarq’s Alpharetta, Georgia office. “The strength of the location is evidenced by the tenants’ tremendous sales volumes.”
The newly built center was constructed in 2019 on a 1.25-acre parcel with direct frontage to U.S. Highway 441 South. At the time of sale, there was one available suite totaling 1,750 square feet that was being considered by a variety of national tenants. The buyer was comfortable with the prospects and ability to lease this space, bringing the center to 100 percent occupancy. The property is an outparcel to a high-volume Lowe’s home improvement store and is located approximately 70 miles northeast of downtown Atlanta.