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Promenade Shops, Valdosta, GA

Promenade Shops

Georgia ,

Price $2,544,000
Cap Rate
NOI
Lease Term Various
Lease Type Net Leases
Rental Increases Various
Year Built 2021
Building Size 4,800 SF
Lot Size 0.359 Acres (15,638 SF)
Status Sold
Lead Broker Information Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

100% LEASED MULTI-TENANT RETAIL CENTER
» 100% leased multi-tenant retail asset featuring strong corporate and regional tenants
» Signet Jewelers Limited NYSE: “SIG” is rated “BB-” by S&P
» Kay Jewelers relocated from a high sales location
» Multi-tenant asset allows for investment diversification
» Scheduled rental increases for all tenants, providing a hedge against inflation
» New 2021 high-quality construction

HIGH-TRAFFIC LOCATION IN GROWING GEORGIA AREA
» Located on Norman Drive, with visibility and access to 15,100 vehicles per day
» Central location at the confluence of highly trafficked Georgia thoroughfares, including Interstate 75 (55,600 AADT) and State Route 133/Saint Augustine Road (27,500 AADT)
» 68,735 residents within a five-mile radius of the property, providing a stable customer base for the location
» $56,272 average household income within a five-mile radius and projected to increase 13 percent by 2026

INFILL LOCATION IN PRIMARY RETAIL CORRIDOR
» Located within the Promenade Shopping Mall, a 64,000-SF shopping center
» Across the street from Valdosta Mall, the only enclosed regional shopping center within a 75-mile radius (70 stores, 560,000 SF)
» Strategic location in a dense retail corridor and immediately surrounded by a strong mix of national tenants such as Target, The Home Depot, Lowe’s, Kohl’s, Publix, Hobby Lobby, and more

CENTRAL LOCATION NEAR LARGE SCHOOLS AND EMPLOYERS
» Minutes from several large schools including, Lowndes High School (2,934 students) and Valdosta S.L Mason Elementary (900 students)
» Less than two miles from Valdosta State University (11,270 students, 1,828 employees)
» Three miles from South Georgia Medical Center (418 beds, 2,559 employees)
» Beneficial proximity to Valdosta Regional Airport (1.2 million annual boarded passengers)



Property Description

SOLD
Promenade Shops is infill real estate conveniently located on Norman Drive, with excellent visibility and access to 15,100 vehicles per day. The property is located within the Promenade Shopping Mall, a 64,000-SF shopping center featuring multiple national retailers. The site is across the street from Valdosta Mall, the only enclosed regional shopping center within a 75-mile radius (70 stores, 560,000 SF). The property is centrally located in a dense retail corridor and immediately surrounded by a strong mix of national tenants such as Target, The Home Depot, Lowe’s, Kohl’s, Publix, Hobby Lobby, and more.

The property is located in a well-populated Lowndes County area, with 68,735 residents living within a five-mile radius of the site. The location is primed to grow along with the surrounding area, with a projected 13 percent average annual household income increase within five miles of the site by 2026. The site experiences increased traffic from its location at the confluence of highly trafficked Georgia thoroughfares, including Interstate 75 (55,600 AADT) and State Route 133/St. Augustine Road (27,500 AADT). The property is strategically located in Valdosta’s primary retail corridor and near major community hubs. The site is just minutes from several large schools, including Lowndes High School (2,934 students) and Valdosta S.L. Mason Elementary (900 students). The property benefits from its proximity to large employers such as the South Georgia Medical Center (418 beds, 2,559 employees) and Valdosta State University (11,270 students, 1,828 employees). In addition, the site is located five miles from Valdosta Regional Airport, which experiences 1.2 million annual boarded passengers.

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