for sale | virginia highland retailhistoric virginia-highland is atlanta's most popular...
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Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or limited in scope,
and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Investment Property
Virginia Highland Intown Atlanta Investment Opportunity For Sale | Virginia Highland Retail
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Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or limited in scope,
and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Investment Opportunity
Virginia Highland Table of Contents
Executive Summary
Photos
Tenant Information
Floor Plans
Survey
Sold Comparables
Retail Aerial View
Location Maps
Demographics & Traffic Count
About the Area
Broker Profile
Confidentiality Agreement
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For more information, please contact:
Andy Lundsberg
Partner
(404) 876-1640 x 107
Bull Realty, Inc.
50 Glenlake Parkway
Suite 600
Atlanta, GA 30328
www.BullRealty.com
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Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or limited in scope,
and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Investment Opportunity
Virginia Highland Executive Summary
Virginia Highland Retail Investment Property
Rare opportunity to own this newly renovated 100% leased intown Atlanta retail building on North Highland Avenue in the popular sought after Virginia-Highland neighborhood. The building is approximately 13,500 SF consisting of 2 street front retail suites and a large impressive retail or studio/theatre space in the rear. It also has a large balcony that overlooks North Highland Avenue and a large roof top patio with great views of the Midtown skyline. Amenities include a green room and 2 ele-vators (one of which accesses the rooftop patio). Excellent location with great sign-age exposure on North Highland Avenue. Building has grandfathered zoning for 128 parking spaces. The property is currently 100% occupied by 3 tenants. All leases are net leases with most expenses passed through to the tenants. Annual Income: $178,595.00 Current Tenants: Suite Bridal +/-1,644 SF Marco’s Pizza +/- 1,474 SF City Church– Eastside +/- 7,350 SF
Offered for SALE at $2,450,000 (7% Cap Rate) Total sq ft of building including roof top patios: +/- 17,882 SF +/- 7,350 SF of retail or studio/theatre space (tenant occupied) +/- 3,118 SF street retail space (tenant occupied) +/- 4,385 SF roof top patio space (elevator access) +/- 3,029 SF common area space
Property Address 798 North Highland Avenue
Atlanta, GA 30306
County/Neighborhood Fulton/Virginia Highland
Property Size approx. 13,500 SF heated + approx. 4,382 SF patio
Age/Condition Built in 1925 – Renovated in 2003 & 2014
Building Amenities 2 Elevators, Roof-top patios
Zoning NC-12
“Atkins Park Neighborhood Commercial District”
Tenants Suite Bridal, Marco’s Pizza, City Church
Parking Grandfathered Zoning for 128 Parking Spaces
2015 Temporary Tax Bill $13,891.20
Sale Price $2,450,000 ($181/SF)
Occupancy/Cap Rate 100% Occupied / 7% Cap
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Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or limited in scope,
and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Investment Opportunity
Virginia Highland
Representative Photo
Photos
Front rooftop patio overlooking North Highland Avenue Highest rooftop in Virginia Highland with elevator access View looking south on N. Highland Avenue
View of theatre stage from top floor (City Church space) Rear view from theatre stage (City Church space) Inside Suite Bridal Boutique
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Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or limited in scope,
and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Investment Opportunity
Virginia Highland
Representative Photo
Tenant Information
Marco’s Pizza is among the top 25 pizza fran-chises in the United States, but only one was founded by a native Italian: Marco’s Pizza®. Pasquale “Pat” Giammarco immigrated to Ameri-ca with his family at age 9 and started his first pizza restaurant in 1978 in Toledo, Ohio. Marco’s prides itself on authentic Italian artisan pizza, made with fresh, real ingredients and dough made in the store daily. Unlike the largest pizza chains, which have maxed out many of their territories, Marco’s has plenty of opportu-nities for growth.
Suite Bridal is an Atlanta based bridal boutique that carries over 10 designers with a large selec-tion of gowns available for immediate purchase. Suite Bridal prides themselves with the one on one attention that they give to each bride to assure a special experience. Suite Bridal’s management brings over 2 dec-ades of local bridal boutique retail experience.
City Church-Eastside seeks to embody and articulate the historic Christian faith, bringing about spiritually transformed lives (devotion), social healing (peace) and cultural renewal (beauty) to Atlanta’s urban eastside. City Church-Eastside, over the next twenty years, will establish a “string of pearls” around the center of the city, a series of churches committed to each neighborhood where they are planted, to embody and artic-ulate the historic Christian faith, bringing about spiritually transformed lives, social healing and cultural renewal to the city of Atlanta.
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Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or limited in scope,
and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Investment Opportunity
Virginia Highland Floor Plans
Rooftop Patio
Fro
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Pati
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Ove
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N.
Hig
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Ave
Theater/Studio Space REAR
Retail Tenant
Retail Tenant
“Open” to Theatre Below
Mez
zan
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Leve
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Main Level
Second level
Rooftop Patio
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Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or limited in scope,
and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Investment Opportunity
Virginia Highland Survey
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Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or limited in scope,
and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Investment Opportunity
Virginia Highland Sold Comparables (1 of 2)
# Property Address City Property Type Size Sold Date Price/sq ft Cap Rate
1 798 North Highland Avenue Atlanta Retail/Studio/Creative +/- 13,500 sq ft TBD $181 7%
2 652-656 North Highland Avenue Atlanta Retail +/- 6,505 sq ft 12/2013 $202 N/A
3 752 North Highland Avenue Atlanta Retail +/- 7,810 2/2015 $595 7%
4 728 Monroe Drive Atlanta Retail +/- 6,000 sq ft 9/2014 $179 7.25%
Subject Property
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Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or limited in scope,
and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Investment Opportunity
Virginia Highland Sold Comparables (2 of 2)
Address 798 N. Highland Avenue
Atlanta, GA 30306
Size +/- 13,500 sq ft
Sold Date TBD
Price/sq ft 181
Cap Rate 7%
1
2 Address
652-656 N Highland Avenue Atlanta, GA 30306
Size +/- 6,505 sq ft
Sold Date 12/03/2013
Price/sq ft $202.15
Cap Rate N/A
Address 752 North Highland Avenue
Atlanta, GA 30306
Size +/- 7,810 sq ft
Sold Date 2/2015
Price/sq ft $595
Cap Rate 7%
3
Address 728 Monroe Drive Atlanta, GA 30308
Size +/- 6,000 sq ft
Sold Date 9/2014
Price/sq ft $179.17
Cap Rate 7.25%
4
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Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or limited in scope,
and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Investment Opportunity
Virginia Highland Retail Aerial View
Subject Property
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Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or limited in scope,
and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Investment Opportunity
Virginia Highland
Representative Photo
Location Maps
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Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or limited in scope,
and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Investment Opportunity
Virginia Highland
2015 Demographics (Esri)
1 mile
Population 18,720
Households 10,389
Average Household Income $101,594
3 mile
Population 156,447
Households 75,898
Average Household Income $84,593
5 mile
Population 359,645
Households 165,754
Average Household Income $77,237
Demographics & Traffic Count
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Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or limited in scope,
and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Investment Opportunity
Virginia Highland About The Area
Virginia Highland, Georgia Historic Virginia-Highland is Atlanta's most popular neighborhood for shopping, dining and nightlife. Developed in the early 1900's, it consists of seven distinct commercial "villages" alternating with short, walkable blocks of charming bungalow homes. The neighborhood's name derives from the intersection of Virginia and Highland Avenues. Locals and tourists alike mingle for brunch at charming sidewalk cafes, cocktails at lively night spots, and innovative cuisine at progressive restaurants and bistros. Discovering the unexpected is part of the attraction where you may find world-famous musical entertainment at a tiny nightclub, an opening-night party at an art gallery or a gathering of fascinating people at one of the coffeehouses. Virginia-Highland is acclaimed for its diverse and unique shopping. Trend-setting apparel, classic to kitschy antiques, folk and pop art, whimsical decorative accessories, natural linens, rare cigars, distinctive art books, gourmet kitchenwares, fine woodworking and gardening tools, unusual fresh flowers, gelatos, unique contemporary, antique or traditional furniture, do-it-yourself pottery, full-service day spas, fashionable salons – all are just a few of the extensive retail offerings.
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Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or limited in scope,
and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Investment Opportunity
Virginia Highland Broker Profile
ANDY LUNDSBERG
Andy Lundsberg joined Bull Realty with over 10 years of sales, marketing and real estate experience. Within Bull Realty, he specializes in the acquisition and disposition of multifamily and boutique retail/office type properties in-town Atlanta. Andy is recognized as a top producer at Bull Realty, and has consistently achieved the Atlanta Commercial Board of Realtors Million Dollar Club designation year after year. Prior to his career in commercial real estate, Andy worked for a national diagnostic imaging company as director of sales and marketing, Coca-Cola as a business development manager and was head of on-site sales and marketing for a condominium project with a large residential real estate firm in Atlanta. With his expertise in the real estate industry and successful sales record, he can help you determine the right investment for you; whether you are looking to buy, lease or sell commercial real estate. Andy graduated with honors from The Kelley School of Business at Indiana University where he received degrees in Marketing, Management and International Studies. He also studied and lived in Seville, Spain and is conversational in Spanish. Organizations:
National Association of Realtors-Georgia
Atlanta Commercial Board of Realtors
Young Council of Realtors (YCR)
Million Dollar Club-Life Member Bull Realty is a U.S. commercial real estate sales, leasing and advisory firm headquartered in Atlanta. The firm was founded in 1998 with two primary missions: grow a company of brokers known for integrity, and provide the best disposition marketing in the nation.
Commercial real estate services include acquisition, disposition, project leasing, tenant representation and advisory services.
Areas of expertise include office, retail, industrial, multifamily, land, healthcare, single tenant net lease, special asset, self-storage and automotive.
Disposition services for appropriate properties can include exposure on up to 415 websites, 17 marketing systems and 4 to 6 e-marketing systems.
Additional disposition and lease marketing services may include video, social media, auctions and national radio exposure.
The firm hosts the Commercial Real Estate Show, a nationally syndicated talk show about commercial real estate. The weekly show has been on the air for over 4 years. The show is nationally syndicated on 40+ radio stations and is available on iTunes and the show website CREshow.com.
Bull Realty is licensed in nine southeast states and works with affiliates from all over the country.
Andy Lundsberg Partner (404) 876-1640 x 107 [email protected]
Bull Realty, Inc. 50 Glenlake Parkway Suite 600 Atlanta, GA 30328
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Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or limited in scope,
and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Investment Opportunity
Virginia Highland Confidentiality Agreement
This Confidentiality Agreement (“Agreement”) is made and agreed to for the benefit of the undersigned party (“Receiving Party”), the owner of the subject property (the “Seller”) and undersigned broker Bull Realty Incorporated (“Broker”). Now therefore in consideration of the privileges granted to Receiving Party with respect to receiving certain confidential information, and other good and valuable consideration, the Receiving Party hereby agrees to the following: I. Confidential Information: Receiving Party will receive confidential information regarding property referred to as 798 North Highland Avenue, Atlanta, GA 30306. Prospect agrees to not disclose to any person that the property may be available for sale or lease, or that discussions or negotiations are taking place concerning the property, n or any terms, conditions, or other facts with respect to the property, including but not limited to tenant information, lease rates, lease expirations, income and expenses, and any such possible purchase, including the status thereof. The term “person” used in this agreement shall be interpreted broadly and shall include, without limitation, any corporation, company, partnership or individual other than parties to which Broker approves in writing. Receiving Party may share information with directors, officers, employees, agents, affiliates, counsel, lending sources, accountants or representatives of Receiving Party that Receiving Party notifies of the requirements of this Agreement. Receiving Party agrees to not contact the property owner, the management, the tenants, the lender, the vendors, the insurers, the employees or the customers of any business at the site. II. Acting as a Principal: Receiving Party hereby warrants that it is acting as a principal only, and not as a broker, regarding this contemplated transaction. Receiving Party acknowledges that Broker is working an agency capacity as representing the Seller only in this transaction and is the only Broker involved in this potential transaction. Receiving Party agrees to not be involved in any arrangement to lease or purchase the property, in whole or in part, as a lender, partner, buyer of the note, buy in foreclosure, buy from bankruptcy court, or in any other manner acquire an investment in, joint venture or control of the property, unless Bull Realty, Incorporated is paid a commission at closing as per separate agreement with Seller. This agreement will expire two years from the date hereof. III. Governing Law This Agreement shall be governed and construed in accordance with the laws of the State of Georgia.
Accepted and agreed to this _______ day of ___________________, 2015.
Receiving Party
Signature ___________________________________________________________________
Printed Name _______________________________________________________________
Title _______________________________________________________________________
Company Name _____________________________________________________________
Address ____________________________________________________________________
____________________________________________________________________
You may return the executed agreement by fax (404) 876-7073 or email [email protected] Bull Realty, Inc. | 50 Glenlake Parkway, Suite 600 | Atlanta, GA 30328
Bull Realty GA license #20209
Email ______________________________________________________________________
Phone _____________________________________________________________________
Fax ________________________________________________________________________
Broker
Signature ___________________________________________________________________
Printed Name ________________________________________________________________