Verizon Strip Center

Verizon Strip Center

4590 Billy Williamson Drive
Macon, GA

Price: $1,900,000
Cap: 6.50%
NOI: $122,549
Building Size: 7,417
Lot Size: 1.33 AC

Investment Highlights

• 75% of the center is leased to Verizon & Papa John’s.
• Verizon (Corporately Guaranteed) has been in th e center since it was constructed in 2006
• Verizon recently executed a 5-Year lease extension, further aff irming its long-term strategy at the center.
• Papa John’s is a strong f ranchisee with 50+ locations.
• Papa John’s has been in th e center since 2008 and has exercised all 3 options of the original lease.
• Papa John’s most recently executed a 7-year lease extension, prolonging its term through 2028

• The center has an 1,850 SF vacant unit, 25% of the center
• The center is currently priced on IN PLACE income, leaving the remaining space as upside for an investor
• A proforma that assumes renting the space at $25/SF NNN & growing expenses by 10% would yield an investor an 9.58% Cap Rate
• This is a potential cash on cash return of 18.97%

• This strip center is located in the heart of the main retail corridor of Macon, GA with 3.6M SF of retail in a 1-mile r adius.
• The subject is a part of the Eisenhower Crossing Outdoor Shopping Center, a 730K SF power center that includes Kroger, Home Depot, Staples, Party City, Ross, Best Buy, Ashley Homestore, Shoe Carnival, Old Navy, Guitar Center, Sears, and many more.
• The property is a direct outparcel of Home Depot.
• High Traffic Corridor | Eisenhower Crossing is directly positioned off I-474 (62,100 VPD) on Eisenhower Parkway (21,700 VPD).

• Nicknamed “The Heart of Georgia”, Macon is the county seat of Bibb County and is widely regarded as the premier middle Georgia sub-market
• Located as the geographic center of Georgia, Macon is the geographic center of Georgia and is most known for producing famous musicians including Little Richard, Otis Redding and the Allman Brothers.
• Serving as a midpoint between Atlanta and Savannah, Macon is the state’s fourth-largest metro with residents in Bibb, Crawford, Jones, Monroe and Twiggs counties.
• Colleges and universities in the metro include Mercer University, Middle Georgia State and Wesleyan.
• Macon is home to Robins Air Force Base, the largest single-site industrial complex in Georgia. The base has an annual f ederal payroll of more than $1 billion and is home to the Warner Robins Air Logistics Complex.
• Top employers in the metro include Geico, Navicent Health and the Bibb County Board of Education. Amazon also opened a fulfillment center that employs more than 500 workers.
• The aircraft industry maintains a local presence led by the Boeing Co. Another top manufacturer located in the market is YKK Inc.
• The Georgia Power utility company plans to construct a more than 500,000-square-foot solar panel facility adjacent to Robins AFB

Zach Taylor
Eric Abbott

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