IRA Capital Acquires Corporate Verizon Store in Atlanta MSA
IRA Realty Capital today announced it has acquired a retail property net leased to Verizon Wireless located at the new Ashley Park retail development in Newnan, Georgia.
Verizon has approximately 10 years remaining on the base term of the lease. The store is a relocation store that was expanded. The former location was known to be among the top 5 performing Verizon locations of more than 600 Verizon stores in the region.
The new store is approximately 5,000 square feet and sits on an oversized 2 acre outparcel to the Newnan Crossing Power Strip Center, which is anchored by Target, JCPenney, BJ’s Wholesale, TJ Maxx, Office Depot, and Old Navy. Located just to the south of the property is Ashley Park, a new 900,000 sf lifestyle center anchored by Dillards, Belk, AMC Theaters, Best Buy, and Dicks Sporting Goods. “The strong retail location, combined with Verizon’s stellar credit rating, provide evidence of our commitment to achieve continued diversification of quality assets within Net Lease Income Fund’s portfolio” said Mohannad S. Malas, a principal of IRA Realty Capital.
Newnan is a southwest suburb of Atlanta and one of the fastest growing cities in Georgia with a population growth of nearly 40% since 2000. The subject property is located in the main retail area of Newnan on Newnan Crossing Bypass near its intersection with Bullsboro Drive and just 1 mile from I-85.
IRA Realty Capital is a privately‐held real estate investment and management firm that focuses on maximizing risk‐adjusted returns while protecting and growing investment capital. Net Lease Income Fund I, LLC is a private fund formed in July 2010 to invest in a diversified portfolio of freestanding, single-tenant, net-leased properties located throughout the United States. Net Lease Income Fund I is managed by IRA Realty Capital, LLC. The fund sponsors are Amer F. Kasm, Samir M. Patel, and Mohannad S. Malas. Additional information can be found at www.iraRealtyCapital.com