Stan Johnson Company Announces Sale of Main Street Retail Shops in Duluth, Georgia
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of 3131 Main Street in Duluth, Georgia. The two-tenant retail property was fully leased to vomFass, a gourmet food store, and Red Hound Gifts, a boutique retailer. The property was marketed by Jeff Enck and Emery Shane of Shane Investment Property Group prior to being acquired by Stan Johnson Company. The 3,120-square-foot commercial asset was purchased by a local Atlanta-based buyer for $700,000. The cap rate was not disclosed.
“Despite the short-term leases, we were able to procure multiple offers on the property, and we closed at about 98 percent of the asking price,” said Enck, Associate Director, now with Stan Johnson Company in its Alpharetta, Georgia office. “This represents the final piece of approximately $8.0 million worth of retail that we’ve helped our developer client sell, and the buyer was able to acquire an excellent long-term asset to complete their 1031 exchange.”
The retail shops, originally built in 1910, are located in the heart of an award-winning, one-of-a-kind, experiential boutique shopping destination in downtown Duluth, Georgia, a northeast suburb of Atlanta. The area boasts strong demographics and is an established gathering hub for nearby residents.
About Stan Johnson Company:
Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm provides acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $35 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services. To learn more about Stan Johnson Company, please visit: www.stanjohnsonco.com.