Garden Grove

Garden Grove

109 Minus Ave.
Garden City, GA

Price: $8,275,000
Cap: 6.75%
NOI: $558,425
Building Size: 78,792 SF
Lot Size: 9.89 AC

Investment Highlights

• 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

• 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

• 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

• 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

Zach Taylor
Eric Abbott

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