HIRAM, GA – September 2, 2014 – The Shopping Center Group, the largest retail-only real estate advisory firm along the Eastern seaboard, announces Planet Fitness as the latest tenant to join the growing retail lineup at Paulding Commons, a 210,000 square foot shopping center located in Hiram, Georgia.
NewQuest Investment Company announced the purchase of Paulding Commons in September 2013. Construction of a new 55,000 square foot Hobby Lobby store was completed in July, 2014. Additional changes to the center include the construction of an 8,100 square foot small shop outparcel building and cosmetic upgrades to the inline shop façade. The cost of the renovation will exceed $2 million and is expected to be completed by the Fall of 2014.
“The increased interest from national and regional retailers as well as service-oriented businesses is in direct proportion to the Hiram submarket’s continued steady growth,” states Brett Fuller, senior leasing advisor, The Shopping Center Group. “The addition of Planet Fitness, along with Hobby Lobby and Academy Sports, add much needed amenities to this active and growing suburban community. The exceptional visibility along Jimmy Lee Smith Parkway coupled with strong trade area demographics makes Paulding Commons a prime retail destination.”
“The tenant mix is really starting to take shape,” continues Fuller. Expected to open Late 2014, the 20,000 square foot Planet Fitness is located adjacent to Hobby Lobby in the northeast corner of the center. Aspen Dental and Visionworks are set to open this Fall in the newly constructed outparcel building fronting Jimmy Lee Smith Parkway, adjacent to Regions Bank.
Paulding Commons is located in the heart of Hiram’s retail corridor at the main intersection of Jimmy Lee Smith Parkway and State Road 92/Hiram Acworth Highway. Over 53,000 cars travel daily through the intersection with over 76,500 consumers with an average household income of almost $71,000 residing within five miles of the center. The Shopping Center Group represents some of the most recognized names in retail real estate. Currently, the firm’s landlord services division is the exclusive, third-party leasing agent for over 750 retail properties totaling 55 million square feet of retail space throughout the Eastern United States. The firm also manages over 10 million square feet of retail property.
About The Shopping Center Group
Founded in 1984, The Shopping Center Group, with approximately 135 licensed professionals in 15 states, is a retail real estate advisory firm respected for its analytical approach, wide-ranging resources and industry leading results. The firm delivers “best in class” service in tenant representation and surplus disposition, project leasing, property management and construction supervision, investment advisory services, capital markets and location analytics to retailers, landlords, developers, investors and financial institutions throughout the Eastern United States. In 2013, The Shopping Center Group’s transaction volume topped $1.4 billion, a 40% increase over 2012 transactions. The firm’s third-party portfolio includes exclusive leasing assignments for over 750 retail properties totaling 55 million square feet and management agreements for over 10 million square feet of retail property. The firm also represents nearly 400 national and regional retailer and restaurant operators. For more information, visit www.theshoppingcentergroup.com.
About NewQuest Properties
NewQuest Properties is a market leader in retail leasing, development, land brokerage, investment sales and tenant representation headquartered in Houston with a portfolio exceeding $1 billion in assets including 50 retail centers throughout Texas. NewQuest Properties focuses on developing value-added, grocery anchored retail centers throughout Texas and provides third party leasing, tenant representation, property management, construction and land brokerage. NewQuest Properties has a proven track record of meeting the needs of a diverse client roster managing more than 12 million square feet of leased retail space and projects from Corpus Christi to Dallas / Ft. Worth. Its in-house team coordinates every aspect of retail center development, acquisition, financing, architectural design and property management.