Matthews™ Completes Sale of Shenandoah Plaza in Georgia

ATLANTA, GA— Matthews™, a commercial real estate investment services and technology firm, facilitated the sale of Shenandoah Plaza, located at 216-230 Bullsboro Drive in Newnan, Georgia. Matthews™ Senior Vice Presidents Pierce Mayson and Kyle Stonis, and Associate Vice President Boris Shilkrot represented the seller in the transaction.

 

The 147,251-square-foot shopping center, located in a growing suburban community within the Atlanta MSA, serves as a primary retail destination in the Newnan submarket, and benefits from 52,200 vehicles per day along Bullsboro Dr (GA-34). Shenandoah Plaza is anchored by Advance Auto Parts, Planet Fitness, and Goodwill, sitting at 98.64% occupancy with a resilient roster of over 90% national and regional tenants.

 

The seller, an affiliate of Hackney Real Estate Partners, elected to bring the property to market following the successful replacement of Big Lots with Advance Auto Parts and Planet Fitness as part of a capital recycling strategy. Leveraging their deep market knowledge and an extensive 1031 exchange investor network, the Matthews™ agents secured a buyer, an existing client actively seeking an exchange opportunity. The buyer, an affiliate of JBL Asset Management, plans to continue operating the center and capitalizing on its long-term cash flow.

 

“We are very excited to be able to sell Shenandoah Plaza for the third time in the last 13 years”, Mayson said. “The center has long been a mainstay retail destination in the Newnan market and continues to level up its anchor mix in conjunction with the city’s growth. Our execution of the sale with a strong 1031 client of ours and the overall interest that we had in the Property is a testament to the continued demand we are seeing for proven retail product in strategic southeastern markets.”

 

For more information, please contact Kyle Stonis, Pierce Mayson, Boris Shilkrot or visit www.matthews.com.

 

About JBL Asset Management
JBL Asset Management is a privately held commercial real estate company specializing in retail shopping center acquisitions, management and development. Founded in 2005 by Jacob Khotoveli, the South Florida-based firm invests private capital on behalf of itself and its investment partners across major metropolitan areas in the eastern United States. JBL’s portfolio currently exceeds three million square feet of real estate.

 

About Matthews™
Matthews™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 30 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.