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Northmarq Brokers $6M 1031 Exchange of Retail Center in McDonough
Northmarq has completed the $5.7-million sale of Towne Crest Village, a 20,053-square foot retail center in McDonough, GA. The center at 2081 Jonesboro Road was 100% leased to 10 tenants at the time of sale.
Jeff Enck of Northmarq (formerly of Stan Johnson Company) represented the Fort Myers, FL-based private buyer. The seller was an individual investor based in Los Angeles, CA.
“Well-maintained and well-leased retail properties like Towne Crest Village continue to be highly sought after, despite the rise in interest rates,” said Enck. “We were happy to receive multiple offers on the property and closed with a 1031 exchange buyer who purchased the property all-cash.”
The property was constructed in 2005 and features a mixture of local businesses including service and restaurant retailers, and all tenants operate on staggered leases with annual rental increases. The retail trade area has 1.1 percent retail vacancy within one mile of the property.
- ◦Sale/Acquisition
