April 24, 2023 – Zach Smith of Horvath & Tremblay has successfully completed the sale of a Panera Strip Center in Marietta, Georgia. Horvath & Tremblay represented the buyer to complete the transaction at a sale price of $5,600,000.
The Panera Strip Center is located at 732 Cherokee Street NE in Marietta, Georgia. The Property consists of a 8,749 square foot retail strip center on a 1.36-acre parcel of land. The Property is 100% leased to three (3) tenants, Panera Bread, Tropical Smoothie Café, and Your Pie Pizza. Panera Bread has 10+ years remaining on their lease, Tropical Smoothie Café has 5+ years remaining on their lease and Your Pie Pizza has 6+ years remaining on their lease. All three Tenants have net leases and scheduled rent increases in their primary lease terms and renewal options. The Property enjoys outstanding visibility and frontage along Cherokee Street, adjacent to the signalized intersection with Church Street, and is just seconds from the Wellstar Kennestone Hospital (633 beds), the Cobb Parkway, and Interstate 75. The property is located within one of Marietta’s primary retail and commercial corridors with 7.2 million square feet of retail, 6.1 million square feet of office, 12.8 million square feet of industrial, and 9,719 multifamily units within a 3-mile radius of the site. The Wellstar Kennestone Hospital and surrounding robust business community drives traffic to the immediate area and the well-established residential neighborhoods provide a built-in customer base for the Properties tenants.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.