Town Center at Cobb
400 Ernest, Kennesaw, GA, 30144, US
JLL has been retained as the exclusive advisor for the sale of Town Center at Cobb (the “Property”) – a two-level super-regional mall with gross leasable area (“GLA”) of approximately 1,284,161 square feet (“SF”) — 561,634 SF of which is owned. The Property is situated on approximately 91.83 acres of land (41.78 owned), at the intersection of I-75, I-575 and Barrett Parkway NW with direct access off of Ernest W Barrett Parkway NW, in Kennesaw, Georgia, approximately 20 miles NW of Atlanta, GA.
Town Center at Cobb is currently 82.2% occupied and features an anchor lineup including owned boxes Belk (128,819 SF) and a portion of the JCPenney box (29,703 SF), and non-owned anchors Macy’s (238,000 SF), Macy’s Men & Furniture (232,000 SF), JCPenney (82,000 SF) and Sears (170,527 SF, dark).
HIGHLY DESIRABLE LOCATION - The Property is strategically located at the confluence of Interstate 75 and Interstate 575 at Barrett Parkway, the primary eastwest corridor in the area, which collectively see impressive daily traffic counts of approximately 268,000 VPD.
IMMEDIATE UPSIDE POTENTIAL - Town Center at Cobb features 29 well-located suites totaling approximately 57,700 SF that present prospective purchasers with meaningful value enhancement potential via lease up – a prospect that is significantly enhanced by a new owner’s reduced basis in the Property.
BELK CONTROL - Ownership of the 128,819 SF box currently occupied by Belk offers a new owner appealing flexibility and meaningful upside potential relative to a mid-term re-tenanting or re-use strategy in this area of the center.
IMPRESSIVE DEMOGRAPHIC PROFILE - Town Center at Cobb’s trade area boasts an impressive demographic profile with a population of more than 654,000 residents with an average household income of nearly $123,000 within a 10-mile radius of the Property.
HIGHLY TRAFFICKED CENTER - Town Center at Cobb is a highly trafficked center that ranks number 6 out of 286 most visited centers within 15 miles – drawing more than 4.7 million shoppers over the last 12 months.
EXCEPTIONAL DEMAND DRIVERS - Town Center at Cobb benefits from a number of nearby demand drivers that include:
- Located approximately 2.1 miles northwest, Kennesaw State University (KSU) is Georgia’s second largest university with enrollment of over 43,000 students. The University has a $1.6 billion impact on the local economy.
- Fifth Third Bank Stadium (2 blocks from the Property) is the home of KSU’s Division 1 football team and the Atlanta United 2, the USL affiliate of Major League Soccer’s Atlanta United. The stadium also hosts several large festivals, sports tournaments, and The Atlanta Blaze, the newest Major League Lacrosse expansion team.
- Dual-branded Home 2 Suites & Tru by Hilton opened adjacent to the Property in 2019 with a combined 170 rooms.
- More than 1,100 apartment units located within two blocks of the Property are currently planned.
- Less than one mile from the mall, Amazon has broken ground on a new distribution facility at Chastain Meadows and Chastain Road creating 600 new jobs. This parcel will also be home to a new Piedmont Healthcare facility and employ 200+.
SUBSTANTIAL IN-PLACE CASH FLOW - Town Center at Cobb is currently 82.2% leased, with an in-place NOI of ~$11.3 million providing an investor with considerable in-place cash flow.
CONSISTENT INLINE SALES PRODUCTIVITY - With current T-12 inline sales of $437/SF, small shop tenants at the Property have generated sales in the upper $300 to low $400 per square foot range since 2015 – reflecting long-term, durable tenant productivity.