Stan Johnson Company Brokers Sale of North Georgia Strip Center for $3.1 Million

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Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a multi-tenant retail strip center located at 216 Carpenters Cove Lane in Cornelia, Georgia. The 6,668-square-foot center is leased to Starbucks, Cricket Wireless and Jersey Mike’s Subs. Stan Johnson Company’s Billy Benedict represented the seller, a Florida-based investor group. The buyer, Atlanta, Georgia-based Newburger-Andes, acquired the property for $3.1 million reflecting a 5.90 percent cap rate.

“This is a very prominent center that sits at the ‘A1’ position in a trade area that supports the surrounding five cities of Cornelia, Demorest, Mt. Airy, Baldwin and Clarkesville,” said Benedict, Associate in Stan Johnson Company’s Alpharetta, Georgia office. “The strength of the location is evidenced by the tenants’ tremendous sales volumes.”

The newly built center was constructed in 2019 on a 1.25-acre parcel with direct frontage to U.S. Highway 441 South. At the time of sale, there was one available suite totaling 1,750 square feet that was being considered by a variety of national tenants. The buyer was comfortable with the prospects and ability to lease this space, bringing the center to 100 percent occupancy. The property is an outparcel to a high-volume Lowe’s home improvement store and is located approximately 70 miles northeast of downtown Atlanta.

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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 and its affiliates provide 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 $45 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.