Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of Thomasville Center, a 23,000-square-foot retail center located at 14669 U.S. 19 in Thomasville, Georgia. The multi-tenant property was fully leased to Planet Fitness and DaVita. Brett Puckett and Ryan Roedersheimer of Stan Johnson Company, with support from Analyst Caleb Edwards, represented the seller, Vantage Thomasville Center LLC, an individual investor. An Atlanta, Georgia-based private investor, Hawk’s Landing LLC, purchased the asset for approximately $4.0 million reflecting a 7.25 percent cap rate.
“The retail sector was hit hard in 2020 as a result of the pandemic, but few retailers were impacted as much as fitness centers,” said Puckett, Associate in Stan Johnson Company’s Cincinnati, Ohio office. “We listed this property just a few weeks before the lockdowns began, and the fact that this property traded just a few weeks after most restrictions were lifted is a testament to the resilience of the market and the pent-up demand from investors.”
Located just 35 miles northeast of Tallahassee, Florida, the property is situated on 4.86 acres in one of the city’s densest retail corridors and features ample surface parking. Neighboring tenants include Belk, T.J. Maxx, Lowe’s and many others. The center was constructed in 2018 and both tenants operate on long-term triple net leases.
