Cole Credit Property Trust IV reported Tuesday that it anticipates acquiring 350,289 square feet at the Canton Marketplace in Canton, GA for $61.075 million.
The transaction is expected to close this month.
The property being acquired is 91 percent occupied by 37 tenants. It is anchored by a Dick’s Sporting Goods, which pays $583,625 in annual base rent (11.50 per square foot) under a lease that expires in January 2020. This annual base rent increases every five years by $0.50 per square foot of the then-current base rent.
According to the listing for the property on the Sembler website, Canton Marketplace is a 750,553 square foot regional center located at I-575 and GA Hwy. 20 and features department stores, big box retailers, shop space and outparcels.