Newmark Knight Frank announced today the sale of Oglethorpe Square, a 159,329-square-foot shopping center located at 863 West Oglethorpe Highway in Hinesville, Georgia. The shopping center is currently 100% leased and sold for $24.15 million.
Built in 2017, Oglethorpe Square is 40 minutes from Savannah and centrally located at the northwestern quadrant of West Oglethorpe Highway and Ralph Quarterman Drive. The center’s proximity to Fort Stewart, the largest U.S. Army installation east of the Mississippi River, provides access to a large consumer base that has played an important role in Oglethorpe Square’s success. The center is anchored by TJ Maxx, Hobby Lobby, Dick’s Sporting Goods, ULTA and PetSmart. Other tenants include Five Below, Great Clips, Longhorn Steakhouse and Starbucks.
HUTTON sold Oglethorpe Square to a private investment group. NKF Senior Managing Directors Drew Fleming and Mark Joines and Associate Henry Kushner represented the seller.
“We are thrilled to reach a successful conclusion on our assignment with HUTTON,” said Fleming. “Hinesville is attractive to investors because of its close proximity to Savannah, lower cost of living and booming job market. The tenant lineup consists of a who’s who of national retailers and category leaders in their respective niches, which enabled us to attract significant attention from the investment community.”
In 2013, NerdWallet named Hinesville to its top ten list of best places for job seekers in Georgia and cited the city’s rapidly growing population and favorable climate. According to Forbes, Hinesville has experienced a 2.5% increase in job growth since 2017, making it one of the fastest-growing job markets in the state. The average household income within one mile of Oglethorpe Square is approximately $60,000.
About Newmark Knight Frank
Newmark Knight Frank, operated by Newmark Group, Inc. (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
