| Marcus & Millichap is pleased to bring to market this 65,100 square foot shopping center in Lake City, Georgia, a southern suburb of Atlanta. Lake City Crossing is anchored by a dark Ingles Market, and is being offered well below replacement cost at only $59.14 per square foot. Although dark, Inlges' lease has a corporate guarantee and is in effect until June, 2012. Ingles current base rent is below market at $5.96 per square foot, providing potential for an incoming investor to increase cash flow through leasing up the space. Also, once a minimum of 75 percent of ingles' space is leased, two of the inline tenants will have significant rent increases. At current rent, the property is available at a 10.42% CAP with a 17.38% Cash-on-Cash Return. Presently, all tenants reimburse taxes, CAM, and insurance. The inline tenants also reimburse management.The property is situated at a signalized intersection on the corner of Jonesboro Road and Hule Road with traffic counts exceeding 24,000 vehicles per day. Lake City Crossing is less than a quarter of a mile from Clayton College and State University which has a current enrollment of over 6,500 students. In August of 2007, the school broke ground on a 451 bed Student Housing facility which is expected to open in the fall of 2008. |
