CBRE Facilitates $7.95 Million Sale of Planet Fitness-Anchored Shopping Center in Cobb County (Atlanta), Georgia
15 Nov 2018
CBRE has arranged the sale of The Shops at Butler Crossing, a 56,856-sq.-ft. shopping center in Cobb County’s Kennesaw, Georgia. The Shops at Butler Crossing is anchored by Planet Fitness and includes Advanced Auto, Dunkin Donuts, Liberty Mutual, Avis, Buffalo’s Café, and several established local merchants.
Ziff Properties, Inc. of Charleston, South Carolina acquired the center from Ackworth Due West Associates, LLC, for $7.95 million. The CBRE Investment Properties Retail Team headed by Craig Taylor represented the principals in this transaction and in three previous shopping center transactions. It was the third Planet Fitness-anchored plaza Mr. Taylor’s Team has sold since 2016.
The center is strategically located with excellent visibility and numerous access points along Cobb Parkway at Ackworth Due West Road, in the same corridor as a Walmart Supercenter, a Target-anchored power center, and several other anchored plazas.
“This was a highly desired property, which brought in multiple offers, a highly competitive bidding environment,” Mr. Taylor said. “The quality of tenancy and the growth of population and household income in the area make The Shops at Butler Crossing a sound investment.”
The Kennesaw area has experienced a growing population, including the explosive growth of Kennesaw State University, as well as strong household income and low unemployment rates.
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