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Shopping Strip

Promenade Plaza

1705 Norman Dr, Valdosta, GA 31601

Listing Price: $8,233,462

Cap Rate
8.00%
Gross SF
64,523
Rentable SF
64,523
Price/Gross SF
$127.61
Lot Size
5.46 acres
Year Built
1982

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Promenade Plaza, a 64,523-square-foot shopping center located in Valdosta, GA. The subject property is 100 percent leased with a premier tenant mix. Promenade Plaza is located directly across the street from the Valdosta Mall, an indoor mall totaling over 500,000 square feet. The Valdosta Mall is anchored by dozens of national tenants and provides excellent crossover traffic. With average tenancy lasting more than 16 years and the average rental rate being just over $8.00 per square-foot, substantial upside is available for an investor to both increase rents and value long-term. Major Employers in Valdosta are all essential businesses including Moody Air Force Base, South Georgia Medical Center, Valdosta State University and local government agencies. With recession proof industries and economic drivers, Valdosta’s economy is one of the most stable markets in the country.

Investment Highlights

  • Promenade Plaza is located directly across the street from the Valdosta Mall, an indoor mall totaling over 500,000 square feet. The Valdosta Mall is anchored by dozens of national tenants.
  • Outparcels (NIC) to Promenade Plaza include McDonalds, Panera Bread, Sonny's BBQ, Mori Japanese Steakhouse, all of which have high customer counts and provide excellent crossover traffic.
  • With average tenancy lasting more than 16 years and the average rental rate being just over $8.00 per square-foot, substantial upside is available for an investor to both increase rents and value.
  • The immediate submarket has seen an average occupancy rate of over 96 percent during the last 5-years.
  • Major Employers in Valdosta are all essential businesses including Moody Air Force Base, South Georgia Medical Center, Valdosta State University and local government agencies. With recession proof industries and economic drivers, Valdosta's economy is one of the most stable markets in the country.

Exclusively Listed By

Broker of Record

  • John M. Leonard

    First Vice President/Regional Manager

    (678) 808-2700

    License(s) GA: 252904

    Georgia

Listing Price: $8,233,462

Cap Rate
8.00%
Gross SF
64,523
Rentable SF
64,523
Price/Gross SF
$127.61
Lot Size
5.46 acres
Year Built
1982

Investment Highlights

  • Promenade Plaza is located directly across the street from the Valdosta Mall, an indoor mall totaling over 500,000 square feet. The Valdosta Mall is anchored by dozens of national tenants.
  • Outparcels (NIC) to Promenade Plaza include McDonalds, Panera Bread, Sonny's BBQ, Mori Japanese Steakhouse, all of which have high customer counts and provide excellent crossover traffic.
  • With average tenancy lasting more than 16 years and the average rental rate being just over $8.00 per square-foot, substantial upside is available for an investor to both increase rents and value.
  • The immediate submarket has seen an average occupancy rate of over 96 percent during the last 5-years.
  • Major Employers in Valdosta are all essential businesses including Moody Air Force Base, South Georgia Medical Center, Valdosta State University and local government agencies. With recession proof industries and economic drivers, Valdosta's economy is one of the most stable markets in the country.

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Promenade Plaza, a 64,523-square-foot shopping center located in Valdosta, GA. The subject property is 100 percent leased with a premier tenant mix. Promenade Plaza is located directly across the street from the Valdosta Mall, an indoor mall totaling over 500,000 square feet. The Valdosta Mall is anchored by dozens of national tenants and provides excellent crossover traffic. With average tenancy lasting more than 16 years and the average rental rate being just over $8.00 per square-foot, substantial upside is available for an investor to both increase rents and value long-term. Major Employers in Valdosta are all essential businesses including Moody Air Force Base, South Georgia Medical Center, Valdosta State University and local government agencies. With recession proof industries and economic drivers, Valdosta’s economy is one of the most stable markets in the country.

Exclusively Listed By

Broker of Record

  • John M. Leonard

    First Vice President/Regional Manager

    (678) 808-2700

    License(s): GA: 252904

    Georgia

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