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| John Tennant |
ATLANTA, GA (June 6, 2016)
— Franklin Street announces the sale of Cloud
Springs Plaza, a 113,000-square-foot neighborhood shopping center located
in Fort Oglethorpe, Georgia. The property sold for $3 million.
John Tennant and Bryan Belk of Franklin Street represented the seller,Cloud
Springs ACD, LLC, in the transaction. The buyer, America’s Realty, LLC, is a
private investor out of Baltimore, Maryland.
“The buyer was able to
acquire this property below market, which will give them a higher degree of
success maximizing their return upon redevelopment,” Tennant said. “The buyer
plans to add value through lease up of vacant space as well as potentially
adding an additional outparcel.”
Tennant added that the
upside in the deal attracted multiple buyers for the asset. “There is a large
pool of buyers who continue to look for value-add opportunities through
redevelopment and releasing well positioned older assets in secondary markets.”
The deal closed in less than 90 days.
The property is located at
1503 Lafayette Road in Ft. Oglethorpe,
Georgia. The property is situated near the Georgia-Tennessee border just 7
miles from Chattanooga on a ±12-acre site along US Route 27 at its intersection
with Cloud Springs Road–the two primary routes within the city.
Built in 1968, the property has excellent
sight lines to Highway 27 with multiple points of ingress and egress throughout
the property. The center is anchored by Big Lots, Badcock Furniture and
AutoZone.
For a
complete copy of the company’s news release, please contact:
Kelsy Van Camp
813-839-7300, ext. 337
@FranklinSt_llc
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