Moultrie Commons is a 65,930 square foot property located on 1st Avenue in Moultrie, Georgia. Originally built as a Wal-Mart, the property was mostly back-filled with a Harvey’s Supermarket after Wal-Mart relocated to a new Supercenter. Harvey’s has since sold this location and it is now operated as a Piggly Wiggly. At the time of our purchase in 2013, the building was approximately 75% occupied; we subsequently leased the remainder of the building to Cititrends, who relocated from a smaller store in downtown Moultrie.
Moultrie is located in southwest Georgia, between Tifton and Thomasville, and is a major agricultural hub for the region. Other retailers in the immediate area include Tractor Supply, Family Dollar, Rose’s, Save-A-Lot, Wal-Mart Supercenter, Publix, Home Depot and Lowe’s. We were attracted to this investment opportunity for several reasons. First, the value-add opportunity represented by the vacant space was appealing. In addition, the strong positioning within the retail market, as well as the good physical condition of the property was a positive for us. Finally, the low tenant rent, accompanying low cost-per-foot price point, and a higher than average cap rate from the outset were key deal points.