Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a multi-tenant retail portfolio in Jonesboro, Georgia. This portfolio includes the Shops of Tara and a Starbucks and AT&T outparcel located at 6620 and 6564 Tara Boulevard. Leased to 20 tenants, the Shops of Tara totals 69,868 square feet, in addition to the 4,164-square-foot Starbucks and AT&T outparcel. Northmarq’s Jeff Enck represented the seller, a private fund out of Australia. The properties were acquired for $9.3 million by a Georgia-based investor group.
“The property garnered exceptional interest as the Starbucks and AT&T outparcel was included in an otherwise non-credit shopping center. We were able to procure sixteen offers on the property both locally and across the country,” said Enck, Associate Director in Northmarq’s Atlanta, Georgia office. “The multi-tenant retail sector continues to show modest strength as investors look to hedge against the sharp rise in inflation. We are starting to see signs of caution; however, the 1031 buyers are continuing to hold up pricing for the moment.”
The strip center was built in 1984 and refurbished in 2019. Located in the primary Atlanta market, Shops of Tara is leased to a diverse mix of local tenants. The site benefits from a dense surrounding population of more than 198,000 residents within a five-mile radius. The property offers low rents as well as annual increases.