RCG Ventures (Fund III) Acquires Kennesaw, Georgia Shopping Center
This 335,190 SF shopping center was acquired for $46.5 million and is strategically located on Earnest Barrett Parkway in close proximity to Cobb Parkway and Interstates 75 & 575. The total combined traffic counts for these interchanges exceed 200,000 vehicles per day, making it one of the most heavily traveled retail corridors in the Atlanta MSA.
Anchored by Bed Bath & Beyond, Cost Plus World Market, DSW Shoes, Ashley Furniture, and American Signature Furniture, Cobb Place is well positioned to benefit from burgeoning Cobb County and the rapidly expanding campus of Kennesaw State University. The total Barrett Parkway submarket has over 2.7 million square feet of retail with over 93% current occupancy.
National Tenants in the market include Target, Wal-Mart, Publix, Dick’s Sporting Goods, REI, and Costco. Future development plans in the immediate area include Whole Foods, Academy Sports, and Sam’s Club.
The Seller was represented by CBRE and RCG was represented in-house by Matt Klump. RCG purchased the project in a joint venture arrangement with DRA Advisors.
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