Stan Johnson Company Completes $9.3 Million Sale of Atlanta-Area Multi-Tenant Retail Portfolio

Shops-of-Tara

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a multi-tenant retail portfolio in Jonesboro, Georgia. This portfolio includes the Shops of Tara and a Starbucks and AT&T outparcel located at 6620 and 6564 Tara Boulevard. Leased to 20 tenants, the Shops of Tara totals 69,868 square feet, in addition to the 4,164-square-foot Starbucks and AT&T outparcel. Stan Johnson Company’s Jeff Enck represented the seller, a private fund out of Australia. The properties were acquired for $9.3 million by a Georgia-based investor group. 

“The property garnered exceptional interest as the Starbucks and AT&T outparcel was included in an otherwise non-credit shopping center. We were able to procure sixteen offers on the property both locally and across the country,” said Enck, Associate Director in Stan Johnson Company’s Atlanta, Georgia office. “The multi-tenant retail sector continues to show modest strength as investors look to hedge against the sharp rise in inflation. We are starting to see signs of caution; however, the 1031 buyers are continuing to hold up pricing for the moment.” 

The strip center was built in 1984 and refurbished in 2019. Located in the primary Atlanta market, Shops of Tara is leased to a diverse mix of local tenants. The site benefits from a dense surrounding population of more than 198,000 residents within a five-mile radius. The property offers low rents as well as annual increases.  

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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.