Northmarq’s Atlanta-based investment sales broker, Jeff Enck (formerly of Stan Johnson Company), completed the sale of Towne Crest Village located at 2081 Jonesboro Road in McDonough, Georgia. The 20,053 sq. ft. retail strip center was 100 percent leased to 10 tenants at the time of sale. Enck represented the Fort Myers, Florida-based private buyer. The seller was an individual investor based in Los Angeles, California. The asset was acquired for approximately $5.7 million.
“Well-maintained and well-leased retail properties like Towne Crest Village continue to be highly sought after, despite the rise in interest rates,” said Enck. “We were happy to receive multiple offers on the property and closed with a California-based 1031 exchange buyer who purchased the property all-cash.”
Located in the main retail corridor of McDonough, Georgia, the property was constructed in 2005 and is situated on a highly visible 1.75-acre site. Towne Crest Village features a mixture of local businesses including service and restaurant retailers, and all tenants operate on staggered leases with annual rental increases. The strong retail trade area has only 1.1 percent retail vacancy within one mile of the property, and neighboring tenants include Target, Home Depot, Ross Dress For Less, Marshalls and more.