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.