The Chetek Group, as exclusive advisor, is pleased to present the opportunity to acquire a fee simple interest in BakerSmith Corners Shopping Center, a 114,470 square-foot grocery-anchored shopping center (“The Property”) located in Valdosta, Georgia. BakerSmith Corners is 100% leased to a diverse, well-known mix of national and regional tenants including Winn-Dixie, Planet Fitness, Beall’s Outlet, and AppleCare. In addition, the Property includes two single tenant ground leases with Waffle House and Bruster’s Ice Cream. Winn-Dixie recently signed an early 8-year lease renewal extending their base lease term to 11 years and through 2030. Winn-Dixie reported 2018 sales of $17,500,000 up more than 13% year-over-year. In addition, Winn-Dixie has committed to completing a renovation of the Valdosta store at their own expense.
The Property is being offered free and clear of debt at an 8% cap rate totaling $8,739,000.
Winn-Dixie recently signed an early 8-year lease extension through 2030. Beall’s and Waffle House recently exercised 5-year options extending their lease term through 2025 and 2024 respectively.
All 6 tenants have weighted average lease term remaining of over 8 years.
2018 Winn-Dixie Sales up 13% year-over-year.
Winn-Dixie and Beall’s are original tenants and have operated at this location successfully for twenty (20) plus years respectively.
There are over 100,000 in population in the ten-mile radius with average household incomes in excess of $70,000 in the one-mile radius.
Winn-Dixie is the dominant regional brand in the Southeastern United States and the fifth largest grocery chain in the United States.
Lineup includes a diverse, service-oriented tenant mix creating cross shopping synergies and stability.
Situated with ample frontage along N Valdosta Rd, the Property has strong visibility along the region’s dominant arterial thoroughfare.
Strategic location within 1-mile of Valdosta State University (11,200+ students from all 50 states and more than 60 countries) and only 2-miles from the South Georgia Medical Center (418 licensed beds and more than 300 affiliated physicians and 2,600 employees). Hiram Douglasville Hwy, Brownsville Road, Sweetwater Chruch Road combine for 31,640 VPD.