DALTON, GA-A New York syndication has acquired the 179,593-sf Marketstreet Shops of Dalton for $18 million. The retail asset is at Interstate 75 and Walnut Avenue.
Mark Cooley, Neil Pringle and Janice Wetter, of Atlanta-based the Shopping Center Group, represented the seller, Mimms Enterprises. Wetter tells GlobeSt.com that the property was being sold because the owner was selling its older assets to pursue other opportunities. "The owner decided it was a good time to sell," she says. "The buyer just liked the property."
Constructed in 1990, the center was originally called Tanger Outlet of Dalton. The center was 95% leased at the time of the sale. The center is anchored by Harley Davidson Dealership, WestPoint Stevens, Bass, Reebok and Outback Steakhouse. Traffic counts for the center exceed 72,000 daily with an average household income within a one-mile radius of $125,000.
Dalton is a growing area located about 75 miles from Atlanta and 25 miles from Chattanooga, TN. "Dalton is the capital of the world for producing carpet," Wetter says. "It's a growing area."
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