Concord ATLANTA (SMYRNA), GEORGIA - OFFERING SUMMARY - Capital Markets
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Concord
VILLAGE
AT L A N TA ( S M Y R N A ) , G E O R G I A
OFFERING SUMMARY
Investment Highlights
Holliday Fenoglio Fowler, L.P. (“HFF”) is pleased to exclusively present
Concord Village, a185,601 square foot grocery-anchored community center in
the Atlanta MSA with significant upside potential. Concord Village offers Investors
the rare opportunity to acquire an Atlanta grocery-anchored asset at well below
replacement cost with a dynamic tenant line-up and value-add orientation through
the lease up of over 20,000 square feet of vacant space.
Property Summary
Property: Concord Village
3201-3209 South Cobb Drive
Smyrna, Georgia 30080
Size: 185,601 SF
Occupancy: 89%
Anchors: Food Depot, Goodwill, Citi Trends, Dollar General
Year Built: 1988 / Renovated 2016
Pricing: Property is being offered with no Asking Price
Economics
Anchor Base Rent $675,000
Shop Base Rent $405,000
Expense Recovery Revenue $193,000
Effective Gross Revenue $1,273,000
Operating Expenses $307,000
Net Operating Income $966,000
Demographics
1 MI. 3 MI. 5 MI.
Population
2016 Estimate 9,934 92,455 232,078
2021 Projection 9,241 96,798 244,615
Average Household Income Value-Add Opportunity
2016 Estimate $77,533 $76,328 $77,863
• The Property is currently 89% leased, which offers a new owner significant upside
Adults (25+) with Bachelor’s Degree or Higher through the lease up of over 20,000 square feet.
2016 37.4% 38.0% 40.9%
• Through the lease up of the vacant suites, a new owner could increase the As-Is
Population Growth (2015 - 2020)
NOI by over $195,000.
2016 - 2021 6.91% 7.00% 6.99%
2 Concord Village
Investment Highlights
Atlanta MSA - Retail Capital of the Southeast
Concord Village is located in the Atlanta MSA, which is one of the fastest growing
MSA’s in the United States. The current population is estimated at 5.7 million
residents, an increase of over 82% since 1990. By 2030, the Atlanta MSA is
projected to grow by 2.5 million residents, more than any other city in the United
States. The population growth is fueled by Atlanta’s diverse employment base,
which is home to 18 Fortune 500 companies. In 2015, Atlanta added 77,500
jobs and is projected to add 69,000 additional jobs in 2016. The impressive
population and employment growth trends provide a strong foundation for consumer
spending and future retail demand.
Cobb County Growth Story
Concord Village is located on the southern edge of Cobb County, which is the
fourth largest and most highly educated county in Georgia. The county’s population
is estimated at over 748,000 and with growth projected above 6% over the next
five (5) years, the county’s population is expected to climb to nearly 800,000
residents by 2021.
Strong Grocery Anchor
• Brand Recognition: Food Depot is a dominant regional discount grocer
with close to 40 locations in Georgia.
• Low Occupancy Cost: Food Depot operates at an extremely healthy
occupancy cost of less than 2%.
• Recent Lease Extension: Food Depot recently extended their lease for an
additional 5 years until November 2023.
• Necessity Retail Anchor: Food Depot provides consistent traffic to the
Property and serves as an excellent Anchor Tenant for shop tenants who require
maximum exposure.
Multi-Anchor Drawing Power
Food Depot, Goodwill, Citi Trends, and Dollar General have significant
drawing power that attracts a broad range of consumers, benefiting shop
tenants and ownership alike.
3
Investment Highlights
Strong Property Fundamentals
• Discount to Replacement Cost: The Property will trade at a discount to
replacement cost providing an attractive basis for the future owner.
• Strong Traffic Counts: Daily average traffic counts on South Cobb Drive
and Concord Road exceed 55,000 cars per day.
• Signalized Access: The Property benefits from a dedicated, signalized
entrance along South Cobb Drive.
• Prominent Pylon Signs: Two large pylon signs provide excellent visibility
on both Concord Road and South Cobb Drive
• Recent Capital Expenditures: Ownership has recently made several
capital improvements to the Property including new pylon signage, newly
painted building exterior, significant roof replacement and repairs over all
Suites, and a re-seal / re-stripe of the parking lot.
• Large Parking Field: Ample parking to accommodate shoppers in front of
the Anchors and shop tenants. Excellent Merchandising Mix
Concord Village has an excellent merchandising mix with a tenant base that matches the
community’s needs. The Property has a grocer, discount retailers, beauty supplies, hair
National & Regional Tenancy: Secure Cash Flow
salon, nail salon, cleaners, insurance agency, and tax services center.
86% of the existing tenants at the Property are national or regional
4 Concord Village
TEN ANT ROSTER
Investment Highlights SF
SUITE TENANT
Concord Rd. SE - 21,90
B1 & B5 CSL Plasma 10,800
REAR C1 Dollar General 9,873
SPACE
D1 Available 1,104
D2 Hire Alternatives 1,167
D3 & D4 Nail Tek 3,245
D5 Available 1,400
A2 A3
A1 Goodwill 52,360
E1
E2
E3
A2 CitiTrends 14,280
A3 Available 10,880
0 AADT
B Food Depot 44,664
E1 Sally Beauty 2,400
F1
D5
F2 E2 Cobb Finance 1,600
D3 &D4 F3
F5 E3 Oxford Cleaners 1,600
D2 F6
F1 Available 900
D1 F7
G1
F2 The Herb Shop 900
G2
F3 Hair Salon 1,800
G3-
C1 F5 H&R Block 1,465
G5
G6 F6 Available 980
F7 Quick Alterations 840
H1-H3 G1 Available 800
B1&B5
G2 Action Auto Insurance 800
H5 G3 & G5 Mobile Finity 2,400
G6 Nutrition Shakes 800
H1 - H3 Available 3,844
H5 Porter Paints 5,740
Rear
Available 8,959
Space
TOTAL 185,601
Current Tenant Not Included
To Be Leased
S. Cobb Dr - 33,600 AADT
5
INVESTMENT SALES DEBT CONTACT Atlanta New Jersey
RICHARD M. REID GREGG SHAPIRO
Managing Director Austin New York
Sr. Managing Director
404.942.2209 404.942.2208 Boston Orange County
rreid@hfflp.com gshapiro@hfflp.com
Carolinas Orlando
JIM R. HAMILTON Chicago Philadelphia
Sr. Managing Director
404.942.2212 Dallas Phoenix
jhamilton@hfflp.com Denver Pittsburgh
BRAD BUCHANAN Houston Portland
Associate Indianapolis San Diego
404.942.3192
bbuchanan@hfflp.com Los Angeles San Francisco
Miami Tampa
MIKE ALLISON Washington
Associate
404.942.3195
mallison@hfflp.com
SHEA PETRICK
Analyst
404.942.2223
spetrick@hfflp.com
Holliday Fenoglio Fowler, L.P. (“HFF”) a Georgia licensed real estate broker.
Copyright 2016 HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading
provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national
capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please
hfflp.com
visit hfflp.com or follow HFF on Twitter at twitter.com/hff.
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