Kroger Shadow Center

Kroger Shadow Center

5335 Old Highway 5
Woodstock, GA

Price: $6,220,000
Cap: 7.25%
NOI: $450,199
Building Size: 30,870 SF
Lot Size: 7.21 AC

Investment Highlights

Kroger Shadow Center
The subject property is a 30,870 SF Shadow Anchored Retail Center located adjacent to a high volume Kroger Grocery Store in a growing, affluent, and densely populated submarket in Atlanta, Georgia.

Conservative Rents and Upside Potential
The property has an average rent per foot of $19/SF which is in line or slightly below the market rate.  Additionally, the center is currently 83% leased and offered at a 7.25% CAP on the in-place income.  Leasing to 95% (2 of the 3 vacant spaces) at the current market rate will achieve a proforma CAP Rate of 8.83%.

Stable Kroger Anchor and Complimentary Shops
Kroger affirmed its long-term strategy and success at this location by purchasing their own store and adding gas.  They also have space for expansion at this site if they choose to do so.  The shops boast a complimentary mix of neighborhood tenants including 33% Restaurants. 

Outstanding Demographics
Located in the desirable North Atlanta Suburb of Woodstock, GA this location boasts an average household income over $92,700 with a population of over 133,000 within a five (5) mile radius. This population has increased an impressive 56% since 2000.

Strategic Location
The subject property is well located on Old Hwy 5 (18,500 VPD) and off of I-575 (71,300 VPD). Nearby retailers include Home Depot, Rite Aid, Starbucks, Wendys, AT&T, QuickTrip, Zaxby’s, and More. Northside Hospital has a new satellite location less than one mile from the property.  The property is also located one exit North of the new 370,000 SF Outlet Shoppes at Atlanta which has 80 stores featuring Saks Fifth Avenue OFF 5TH, Michael Kors, Coach, Nike, Columbia, Vineyard Vine, Johhny Rockets and more.

Affluent North Atlanta Suburb Location
Woodstock is located 30 miles north of Atlanta within Cherokee County, GA. The County boasts a thriving economic base, an educated workforce (over 40 percent of residents have a post-secondary degree), high performing school system as well as higher education opportunities including Kennesaw State University which has an enrollment of nearly 35,000. Woodstock has more than doubled in size in the past 10 years, attracting residents with its affordable housing, and strong job growth, and vibrant downtown. Woodstock’s close proximity to Atlanta provides easy access to the “capital of the Southeast.” With an overall population of 6.1 million throughout the 28-county metro area, Atlanta is the ninth largest Metropolitan Statistical Area in the U.S. and is projected to be the 6th most populated metro area by 2020.


Zach Taylor

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