Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 9,633-square-foot shopping center in Atlanta, Georgia. Located at 3530 Camp Creek Parkway, Villages at Camp Creek was 100 percent leased at the time of sale to five tenants. Jeff Enck of Stan Johnson Company represented the seller, a local private investor. The buyer, a group of individual investors from Georgia, purchased the asset for more than $5.3 million reflecting a 6.77 percent cap rate. Both parties were involved in 1031 exchanges.
“While most of the leases are short-term, the property has had no vacancy in over 10 years,” said Jeff Enck, Associate Director in Stan Johnson Company’s Alpharetta, Georgia office. “We were pleased to close this transaction with a very strong 1031 exchange buyer.”
The property was originally built in 2005 on nearly 1.2 acres in southwest Atlanta. Tenants include Verizon Wireless and American Deli, among other service-oriented retailers. The center is shadow anchored by Camp Creek Marketplace, a 1.0-million-square-foot retail center anchored by Lowe’s, BJ’s Wholesale Club, Old Navy and many other national retailers.