Nashville-based 615 Ventures has acquired Town Center Commons, a 72,168-square-foot retail property in Kennesaw, GA, for $13 million (approximately $180.14 per square foot). The 96% occupied property is shadow anchored by Dick’s Sporting Goods and Costco.

Bryan Belk and John Tennant of Franklin Street represented the seller, Ardent, in the transaction with 615 Ventures, an investment firm that focuses primarily on the acquisition and management of real estate assets.

“While rising interest rates have caused investors to reevaluate their acquisition strategies, properties like Town Center Commons, with its prime location and great upside potential, continue to make strong long-term investments,” said Belk.

The property boasts strong historical occupancy, and a vacant 2,880-square-foot end cap unit provides upside opportunity, according to Franklin Street. The property occupies 8.11 acres at 725 Ernest W Barrett Parkway along a retail corridor that sees an average daily traffic count of over 53,000 vehicles.