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Shops of Heritage Place | 8.2% Proforma Cap Rate

Bull Realty is pleased to present an opportunity to acquire a fee simple interest in the Shops of Heritage Place, a 29,679 square foot specialty retail center in the emerging Tucker, GA market. Heritage Place is located prominently along Hugh Howell Road. The property is adjacent to a Publix anchored shopping center and is 1/8th of a mile from Cofer Crossing, a Walmart, Kroger, HomeGoods and Dollar Tree anchored power center. Goodwill Industries currently is under construction with its newest 25,000 SF prototype retail store just west of the property at the intersection of Hugh Howell Road and Highway 29 (in space formerly occupied by Ingle’s Grocery).

Shops of Heritage Place features prominent tenants such as Emory Hospital Rehab, Great Expressions Dental, Allstate, Moe’s Southwest Grill and several established hair salons. The much anticipated Magnolia Café opened on February 1, 2017. The property also is adjacent to a successful 35,000 SF office park known as Heritage Place Office Park.

The property is a short drive from Downtown Tucker, an area which has seen recent growth of multifamily projects, refurbished street front retail along Main Street and new restaurants along Highway 29. This area also is home to Tucker High School.

Current occupancy at the property is 77%. The owner has a pending lease with a 2,400 square foot established restaurant chain out of Florida. Once this lease is completed, the occupancy at Shops of Heritage Place will be 87%. The property is priced at a proforma 8.2% cap rate on this 87% occupancy income level.

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