OFFERING INTRODUCTION
Matthews Real Estate Investment Services™, as exclusive broker, is pleased to offer the opportunity to purchase Spalding Village - a 222,107± SF community center, anchored by Hobby Lobby, Ross Dress For Less, Goodwill, Ollie’s Bargain Outlet and Bargain Hunt - located in Griffin, on the south side of the Atlanta, GA MSA.
INVESTMENT HIGHLIGHTS
National anchors – Hobby Lobby, Ross Dress For Less, Goodwill, Bargain Hunt
and Ollie’s Bargain Outlet - comprise over 73% of the Total GLA
With a solid 85.3% overall national tenant roster
Extensive Recent Capital Improvements Limits Buyer Exposure
Including a new roof installed over Hobby Lobby in early 2024 and parking area sealcoat and stripe in April of 2024
Located on the south side of the Atlanta, GA MSA
The Capital of the Southeast, which is home to a multifaceted, thriving economy, emerging East Coast technology hub, and center for higher education
Solid, recent leasing momentum in 2023 and 2024 off of which an incoming Buyer can continue to build
Including Miracle Ear and Grinville Dental Clinic on a 10-yr lease
Strategic location within the Griffin retail market along highly-trafficked (US-19/US-41/ GA-3)
And immediately adjacent to the University of Georgia’s 133-acre Griffin Campus
Synergistic mix of low-cost providers
Like Hobby Lobby, Ollie’s, Ross, Bargain Hunt, Goodwill and more makes the Property a one-stop shopping destination for value-minded consumers
Part of the retail center of gravity for the city of Griffin and surrounding communities, with a Walmart Supercenter (shadow anchor) situated directly across the street
Ranked #21 of 155 in GA (top 87%) for foot traffic and #906 of 3,896 (top 76%) in the U.S.
Anticipated pricing guidance equates to a highly attractive price per square foot opportunity
Well below current replacement cost
MARKET OVERVIEW
Situated roughly 35 miles south of the heart of Atlanta, Griffin is a thriving community which accesses the economic engine, culture and entertainment associated with the ever-expanding Capital of the Southeast.
ATLANTA, GA MSA
Serving as a bedroom community for Atlanta, Griffin is situated roughly 35 miles south of Downtown and 27 miles south of Hartsfield-Jackson Atlanta International Airport. Just a 40-minute drive from the heart of the city, Griffin accesses the economic engine, culture and entertainment hub that Atlanta provides. Immediately adjacent to Spalding Village, the University of Georgia’s 133-acre Griffin Campus (UGA- Griffin) serves as one of the premier research centers in the Southeast – offering degree completion programs from UGA’s College of Agricultural and Environmental Sciences, College of Education, College of Family and Consumer Sciences, College of Arts and Sciences and Terry College of Business.
LOCATION ATTRIBUTES
Main & Main Market Position: Griffin’s Retail Center of Gravity
Spalding Village is strategically positioned, fronting US-41, within the heart of Griffin’s regional retail node. A major commuter corridor, US-41 runs south into Griffin from the heart of Atlanta, connecting with the city of Macon, further to the southeast. Drawing from the region’s surrounding communities, Griffin’s retail node is home to notable retailers, including a high-performing Walmart, Marshalls, Regal, The Home Depot, Lowe’s, Kroger, ALDI, Belk, PetSmart, bealls outlet, Big Lots and a plethora of national QSR and fast-casual restaurant destinations.
The University of Georgia – Griffin
Immediately adjacent to the Property, the University of Georgia’s 133-acre Griffin campus serves as one of the premier research centers in the Southeast – offering Undergraduate, Masters and Specialist degree completion programs from UGA’s College of Agriculture and Environmental Sciences, College of Education, College of Family and Consumer Sciences, College of Arts and Sciences, and Terry College of Business. Established in 1888, the college is known for groundbreaking advancements in agriculture and environmental sciences and is also home to world class research facilities, such as the Center for Food Safety, the Food Product Innovation and Commercialization Center (FoodPIC), and the Center for Urban Agriculture.
Limited Capital Expenditure Exposure
Well-maintained and managed, Spalding Village benefits from significant, recent physical improvements to the Center, limiting an incoming buyer’s exposure to costly CapEx work. Among other things, the roof over Hobby Lobby was replaced in early 2024, and the parking surface was sealcoated and striped in April of 2024. In total, nearly 78% of the overall GLA has a roof warranty through 2037 or later.
TENANT HIGHLIGHTS
Synergistic, National Credit Anchor Roster
Anchored by Ross Dress For Less, Hobby Lobby, Goodwill, Bargain Hunt and Ollie’s Bargain Outlet; Spalding Village boasts a synergistic blend of national credit tenants that create a convenient, one-stop shopping destination for value-minded consumers – further bolstered by an extremely high-performing Walmart Supercenter located across the street. The asset’s notable concentration of national credit also facilitates investor ability to secure more attractive financing options for the Property.
Solid, Recent Leasing Momentum
Spalding Village boasts strong, recent leasing momentum in 2023 and 2024, adding three (3) new tenants, including Grinville Dental Clinic and national tenant – Miracle Ear – on 10-year leases. With 6,805± SF of available space, an incoming Buyer will have a strong opportunity to leverage established leasing momentum in continuing to grow the NOI via the lease-up of remaining space.
National Outparcel Draws
Beneficial, national outparcel draws surrounding Spalding Village create additional consumers throughout the day, counting Mattress Firm, Burger King, KFC, Chipotle, My Eyelab, Pep Boys, Captain D’s, Del Taco and more.
