Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of an unanchored shopping center in Covington, Georgia. The Shoppes at Carlin, located at 10154-10176 Carlin Drive, total 15,732 square feet, and the center was fully leased to eight tenants at the time of sale. The seller, Hickman & Williams Properties LLC, was represented by Stan Johnson Company’s Doug Clyburn and Julie Clyburn, with support from analyst Ryan Bogle. The buyer, CB Solutions Inc., acquired the asset for approximately $2.7 million, reflecting at 7.12 percent cap rate.
“This is an excellent center which has maintained full occupancy in a small market,” said Doug Clyburn, Associate Director in Stan Johnson Company’s Alpharetta, Georgia office. “To address initial buyer concerns, we provided an in-depth market study to show the current and anticipated growth of the region. Using this data, we were able to close the transaction at 98 percent of the offering price.”
The property offers excellent ingress and egress points, and tenants include salons, a fitness center, and a restaurant, among other concepts, all operating under triple net leases. The shopping center was originally constructed in 2007 and is situated on 1.7 acres 37 miles east of downtown Atlanta, Georgia.