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Shopping Regional

Garden Grove

109 Minus Ave, Garden City, GA 31408

Listing Price: $8,275,000

Cap Rate
6.75%
Gross SF
78,792
Rentable SF
78,792
Price/Gross SF
$105.02
Lot Size
9.89 acres
Year Built
1990

Investment Overview

GROCERY ANCHORED CENTER • The subject property is a 100% leased 78,792 SF Food Lion Anchored retail center in Savannah, GA • Food Lion just executed a 10-Year Extension through 2031 • Food Lion has been at this location for 31 Years, originally occupying the space in 1990 • High Performing Food Lion | Sales have increased every year since 2011 • Base Rent to Sale Ratio of 1.50% | Sales of $460/SF • Brand New Roof and Parking Lot in 2022 HISTORY OF STRONG TENANT PERFORMANCE | LEASING MOMENTUM • Upside Opportunity with Below Market Rents | The property has an average rent of $8.32/SF • The property has a strong tenant history with an average occupancy of 10+ Years • Tenants have a strong history of performance at this center, shown by the 9 lease renewals executed in 2021 • Food Lion recently affirmed its long-term strategy and success at this location by executing a brand new 10-Year extension STRATEGIC LOCATION • Property sits at the high traffic intersection of GA-21 & GA-25 (51,620 VPD) • The shopping center is positioned at the intersection with a direct cross access connecting each road • The shopping center is nestled in a dense suburban pocket with 74,294 population in the surrounding 5-Mile Radius • The property is three miles from historic Downtown Savannah SAVANNAH, GA • The subject property is in the city of Garden City, GA which is less than 5 miles from downtown Savannah. • Savannah is Georgia’s fifth-largest city with an estimated population of 146,444 and the third largest MSA with 387,543 • The Port of Savannah is the second largest U.S. seaport on the east coast and creates 350,000 jobs and does over $66 billion in annual sales • Savannah is the oldest city and the top tourist destination in Georgia with over 12.1 million tourists annually. • Home to Hunter Army Airfield which services Fort Stewart (11,205 Military Personnel) and Savannah College of Art & Design (13,000 students) and Georgia Southern University-Armstrong Campus (5,278 students). • Savannah is the county seat of Chatham County

Investment Highlights

  • New 10-Year Food Lion Renewal
  • Base Rent To Sale Ratio Of 1.50%
  • Food Lion Sales Have Increased Annually For Past 11 Years
  • Average Tenant Tenure 10 Years
  • Leasing Momentum 9 Renewals In 2021
  • Upside Opportunity Below Market Rents

Exclusively Listed By

Financing By

Shopping Regional

Garden Grove

Listing Price: $8,275,000

Cap Rate
6.75%
Gross SF
78,792
Rentable SF
78,792
Price/Gross SF
$105.02
Lot Size
9.89 acres
Year Built
1990

Investment Highlights

  • New 10-Year Food Lion Renewal
  • Base Rent To Sale Ratio Of 1.50%
  • Food Lion Sales Have Increased Annually For Past 11 Years
  • Average Tenant Tenure 10 Years
  • Leasing Momentum 9 Renewals In 2021
  • Upside Opportunity Below Market Rents

Investment Overview

GROCERY ANCHORED CENTER • The subject property is a 100% leased 78,792 SF Food Lion Anchored retail center in Savannah, GA • Food Lion just executed a 10-Year Extension through 2031 • Food Lion has been at this location for 31 Years, originally occupying the space in 1990 • High Performing Food Lion | Sales have increased every year since 2011 • Base Rent to Sale Ratio of 1.50% | Sales of $460/SF • Brand New Roof and Parking Lot in 2022 HISTORY OF STRONG TENANT PERFORMANCE | LEASING MOMENTUM • Upside Opportunity with Below Market Rents | The property has an average rent of $8.32/SF • The property has a strong tenant history with an average occupancy of 10+ Years • Tenants have a strong history of performance at this center, shown by the 9 lease renewals executed in 2021 • Food Lion recently affirmed its long-term strategy and success at this location by executing a brand new 10-Year extension STRATEGIC LOCATION • Property sits at the high traffic intersection of GA-21 & GA-25 (51,620 VPD) • The shopping center is positioned at the intersection with a direct cross access connecting each road • The shopping center is nestled in a dense suburban pocket with 74,294 population in the surrounding 5-Mile Radius • The property is three miles from historic Downtown Savannah SAVANNAH, GA • The subject property is in the city of Garden City, GA which is less than 5 miles from downtown Savannah. • Savannah is Georgia’s fifth-largest city with an estimated population of 146,444 and the third largest MSA with 387,543 • The Port of Savannah is the second largest U.S. seaport on the east coast and creates 350,000 jobs and does over $66 billion in annual sales • Savannah is the oldest city and the top tourist destination in Georgia with over 12.1 million tourists annually. • Home to Hunter Army Airfield which services Fort Stewart (11,205 Military Personnel) and Savannah College of Art & Design (13,000 students) and Georgia Southern University-Armstrong Campus (5,278 students). • Savannah is the county seat of Chatham County

Exclusively Listed By

Financing By

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