First Tuesday is a 158,795 square foot grocery anchored shopping center serving the growing community of Carrollton, GA (Atlanta MSA), which also includes the 13,000 student strong University of West Georgia. Located on the primary commercial and traffic artery of Carrollton with excellent access and visibility, the anchor tenants include high volume grocer Food Depot, Roses Express and Farmers Furniture, plus junior anchors Citi Trends and Dollar Tree.
- Growth Market: In addition to the growth taking place in Atlanta, Carrollton has a projected population of 46,139 within a 5-mile radius of the shopping center with average household incomes expected to rise 16% over the next 5 years.
- Downside Protection: This center is being purchased far below replacement cost; approximately 25% of the cost to buy the land and build new today according to our estimates. The low cost enables us to charge lower rents, which keeps both occupancy and the likelihood of lease renewals high.
- Exceptional Location: Located on the “going home” side with multiple points of entry, and a traffic count of 35,000 ADT, makes the location one of the busiest in Carrollton.
- Grocery Anchored: Food Depot creates stable weekly traffic at the center. Food Depot has never closed a location and continues to expand on their 40 store portfolio.
- Anchor Leases: While the majority of anchor tenants have long-term leases, we are already in negotiations to extend them even further, while also negotiating renewals for some of the leases coming due in the next few years.
- Rental Pricing Power: First Tuesday rents are below market for Carrollton. As we get closer to maximum occupancy, we will be able to push rents as leases roll.
- Outparcel Sales/Pad Development: Two outparcels available, that we expect to sell in the next three years. There is also a pad in the middle of the center, perfect for new development.
- 5 Year Projected IRR: 15.57% annualized
- Projected Average Annual Cash on Cash: 18.99%