5151 Old National Highway
Atlanta, GA 30349 ·
130,798 SF · Retail For Sale
Old National Village
|Gross Leasable Area||130,798 SF||Occupancy||99%|
|Property Sub-type||Neighborhood Center||Lot Size||13.02 AC|
|Property Use Type||Investment|
|Listing ID: 15330542||Date Created: 09/11/2007||Last Updated: 01/17/2008|
PRICE has just been REDUCED $500,000. Old National Village is a well located 130,798 square foot shopping center on approximately 13.03 acres of land. The property is within one mile of Interstate 285 and is located at the corner of Old National Highway and Godby Road. A 78,798 square foot Discount Mall anchors the property. The Discount Mall subleased the premises from T.J. Maxx who is still on the lease till December 2009. The shopping center has 27 shop bays that are 99% occupied. There are three outparcels (McDonald's, Taco, Bell, and a Bank of America) to the center that front Old National Highway. The outparcels are not included in this sale but they do benefit the center by attracting traffic and people.
The intersection of Old National Highway and Godby Road is signalized with numerous points of accessibility into the center from both roads with additional ingress/egress from Old Bill Cook Road. Old National Highway currently experiences a reported daily traffic count in excess of 40,000+/- vehicles per day.
Old National Village has a tremendous amount of upside potential with the anchor space which is 60% of the gross leaseable area. The Discount Mall is a flea market. The city of College Park defines a Flea Market as follows: Any business whereby there is operated a center for shopping among collected flea market vendors selling merchandise to the public from marketing booths, stalls, tables, benches, and similiar displays in marketing configurations and arrangements for the sale of new and used merchandise. The city of College Park has passed an ordinance in the Old National overlay district that prohibits any new flea market operation while grandfathering in Old National Village's Discount Mall. This ordinance provides the store with a monpoly on this type of business which is extremely successful in College Park and the surrounding areas. The Pro Forma includes increasing the base rent on the Discount Mall to $60,000 a month from $32,832.50. The current owner has had talks with a flea market operator at these same numbers. Also, the new owner would negotiate a buyout with TJ Maxx which would provide the owner with additional income.
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