The Premier Retail Destination in Northwest Georgia Is for Sale

Thursday, June 13, 2019

Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing a 335,190-square-foot retail center in Kennesaw that is known as the premier retail destination in northwest Georgia. Cobb Place is in the Atlanta MSA, which is the fourth fastest-growing MSA in the country and features multiple anchor drawing power with American Signature Furniture, Ashley Furniture, DSW, Bed Bath & Beyond, Hobbytown USA, Cost Plus World Market and Bassett Furniture. The shopping center benefits from robust tenant sales performance, value creation potential, exceptional multi-family and housing development in the trade area in addition to strong property fundamentals.

Situated on 30.9 acres at 840 Ernest W. Barrett Parkway, Cobb Place is uniquely positioned less than one mile from the Interstate 75 and 575 interchange, which sees traffic counts exceeding 300,000 vehicles per day. Recently, 30 miles of new express lanes were added along I-75 and I-575, which help make it the most traveled corridor in Georgia. More than 56,400 residents earning an average annual household income of $87,299 live within a three-mile radius of the property. Additionally, Kennesaw State University is less than two miles north of the property, which is home to more than 35,000 students, making it the third largest university in Georgia with an estimated $1.5 billion economic impact.

Cobb Place Investment Highlights

  • Northwest Georgia’s No. 1 Furniture Shopping Destination:  Cobb Place boasts the largest concentration of furniture and home-centric retailers in the Atlanta MSA and serves an extended trade area up to 75 miles north of the property. Many of the property’s retailers rank No. 1 in the Atlanta district or report robust sales.
  • Robust Multifamily and Home Growth:  The property’s core tenancy is ideally designed to benefit from the flourishing population and household growth in the immediate trade area. The daytime population is nearly 120,000 in a three-mile radius. Additionally, more than 3,000 multifamily units are either under construction or proposed along with more than 700 new single-family residences currently being built. This is reflected in the 15% household growth expected over the next five years within a one-mile radius of the center.
  • Most Tenured and Durable Tenancy in the Submarket:  Historically, Cobb Place has been the most stable retail center in the submarket, which will provide a secure income stream for the future owner. Eighty-four percent of the occupied GLA has at least 10 years of tenure with a 17.5 year weighted average anchor tenure. 
  • Value Creation Potential:  Cobb Place offers investors the rare opportunity to acquire a secure income stream at an attractive basis, with value creation potential via the lease up of the junior anchor suite, several mark-to-market opportunities and contractual rent escalations.

For more information on this commercial property for sale in the Atlanta area or other available retail properties in the southeast, please contact Jim Hamilton, Brad Buchanan, Mike Allison, in HFF’s Atlanta office. Click here for our real estate investment sales search page. 

By Topics