ralph david abernathy portfolio · 2019-07-12 · the highest incomes, so expect those areas to see...

Ralph David Abernathy Portfolio

Adrian ProvostExecutive Managing Director678.957.7653 (m) | 404.936.9023 (m)[email protected]: GA 341770 | FL BK3376045

1765-1767 Ralph David Abernathy Blvd Sw, Atlanta, GA 30310

2

Property Overview

Exclusively listed by Adrian Provost + Compass, this portfolio represents a distinct opportunity to acquire an out-standing value-add or redevelopment project with phenomenal proximity to major economic drivers, transportation, employment, and entertainment - promising a remarkable amount of upside potential.

INVESTMENT SUMMARY

Location Overview

1765-1767 is nestled just West of Downtown Atlanta near West Midtown. West Midtown has seen large amounts of gentrification and infill, with an eclectic mix of new lofts, restaurants, shops, art galleries, salons, and professional firms.

3 miles from Midtown2 miles from Downtown Atlanta5 miles from Buckhead

ATLMultifamily Offering

6

PHOTOS (EXTERIOR)

7

PHOTOS (Exterior I)

Atlanta Market Summary1765 SW Ralph David Abernathy Blvd

Demand for retail in Atlanta remains strong, driven byimpressive demographic trends. Atlanta has seen someof the strongest job growth and household formation inthe nation over the past few years, and thosedemographic trends are expected to continue. Moreover,a light delivery pipeline has kept supply-side pressureslow, allowing retail fundamentals to improve steadily overthe cycle. With vacancies approaching a historical lowpoint, rent growth has outperformed the national averageby a significant margin in recent quarters. However, rentsare still below the metro's prerecession peak, putting inperspective just how devastating the last downturn was

for the Atlanta retail sector.

Atlanta retail is relatively well positioned this late in thecycle. Vacancies are far below the metro's historicalaverage, giving the metro a significant cushion should aslowdown occur. Atlanta has affordable rents comparedto the national average and serves as a true center ofgravity in the fast-growing Southeast. While some storeclosings may persist as national retailers reformat theirfootprints or go out of business, Atlanta may besomewhat insulated from their impact compared tosmaller metros in the region.

NET ABSORPTION, NET DELIVERIES & VACANCY

Atlanta Economic Summary1765 SW Ralph David Abernathy Blvd

Although job growth has slowed compared to mid-cyclehighs, Atlanta continues to add jobs at an above-average pace. Atlanta now has about 350,000 more jobsthan it did before the last downturn, and the latestnumbers from the BLS show the metro adding roughly60,000 net new jobs over the past 12 months.

White-collar employment has been a big driver ofgrowth, especially the professional and business servicessector. The metro has seen an influx of corporationssetting up their IT operations locally, includingBlackRock, Google, Microsoft, Honeywell, and Verizon.Major construction projects highlighting these gainsinclude NCR's new HQ, the Coda Tech Square project,and Anthem's new office tower. In another big move,relationship management software firm Salesforce isadding another 600 jobs at its Buckhead location. Thegrowth of tech jobs is expected to continue to drivedemand for high-end housing and office space,especially inside of the perimeter.

The education and health services sector has also faredwell. Multiple healthcare systems are constructing newtowers, and the sector is poised to grow in order toadequately service the surging population.

Although some blue-collar sectors such as constructionand manufacturing employ fewer workers today than theydid before the recession, warehouse and distribution

employment has picked up some of that slack. Atlantacontinues to benefit from its standing as a major super-regional distribution hub.

Low living and business costs should continue to boostjob and population growth in Atlanta. In recent decades,Atlanta has drawn some of the strongest in-migration inthe country. Many employers have openly stated thatmoving all or a portion of their operations to Atlanta willsave them millions, without having to sacrifice access tohigh-quality labor. For example, the streaming musicprovider Pandora is expanding its presence in Atlantawhile reducing its headcount in the East Bay.

The presence of the well-connected Hartsfield-JacksonInternational Airport helps seal the deal for potentialresidents and companies, including Mercedes-Benz andState Farm, who have recently relocated majoroperations to the metro. While not unique to Atlanta,infrastructure could be a limiting factor for Atlanta'sgrowth prospects in the mid- to long term. The renewedfocus on in-town density, combined with still expandingsuburbs, has contributed to worsening traffic throughoutthe metro. Even with MARTA rail as an effective mode oftransit, it is limited in its scope, lessening its potentialimpact. However, the future expansion of MARTA on thehorizon and pedestrian infrastructure improvementsthroughout the metro could help provide those in Atlantawith alternative modes of transportation.

Atlanta Economic Summary1765 SW Ralph David Abernathy Blvd

Source: Oxford Economics

YEAR OVER YEAR JOB GROWTH

DEMOGRAPHIC TRENDS

Current ChangeCurrent Level

Metro U.S.Metro U.S.Demographic Category

10-Year Change

Metro U.S. Metro U.S.

Forecast Change (5 Yrs)

Population 329,160,2816,025,981 1.5% 0.7% 1.4% 0.7% 1.4% 0.7%

Households 121,239,6562,147,585 1.4% 0.6% 1.2% 0.7% 1.3% 0.6%

Median Household Income $63,906$68,720 3.2% 3.6% 1.6% 2.2% 3.8% 4.3%

Labor Force 163,629,2663,130,423 0.8% 1.2% 1.4% 0.6% 0.9% 0.5%

Unemployment 3.8%3.5% -0.3% -0.1% -0.6% -0.5% - -


POPULATION GROWTH


LABOR FORCE GROWTH INCOME GROWTH

1765 SW Ralph David Abernathy Blvd

Leasing Analytics

2,307 SF Retail Storefront

Atlanta, GA 30314 - College Park/SW Atl Submarket

ATLANTA VACANCY OVERVIEW

Net absorption in Atlanta has slowed in recent quarters,but it continues to outpace supply additions.Furthermore, Atlanta still ranks as one of the top fivemetros in terms of trailing 12-month absorption, ahealthy indicator this late in the cycle. Supply additionsremain almost nonexistent compared to the metro'shistorical average. Even if supply begins to ramp uponce again, vacancies are likely to remain well below thelong-term average.

With an increasing population, and with demolitions andconversions taking significant space off the market,Atlanta's retail square footage per capita has steadilydropped over the cycle. Moving forward, the key

spending cohort (those aged 35–54) and the overallpopulation are expected to grow at an above averagepace. This demographic advantage will likely keepAtlanta retailers on better footing, and all submarkets inthe metro are likely to gain residents.

The northern suburbs tend to grow the fastest and havethe highest incomes, so expect those areas to see anoutsized share of new demand. But neighborhoodsinside the perimeter should continue to benefit fromurbanization and gentrification. Furthermore, the influx ofhigh-paying office jobs in areas like Midtown andBuckhead should continue to boost buying power inthose premier in-town areas.

VACANCY RATE

Atlanta Vacancy Analytics1765 SW Ralph David Abernathy Blvd


VACANCY RATE

Vacancy Trend (YOY) VacancyTrend (YOY) Trend (YOY)VacancyTrend (YOY)Vacancy

Subject Peers College Park/SW Atl Atlanta

-1%8.5%-0.6%6.2%-3.3%3.8%0%0%2013

-1%7.5%0.9%7.1%0%3.8%0%0%2014

-1.1%6.5%0.4%7.5%0%3.8%0%0%2015

-0.6%5.9%0.2%7.7%7.6%11.5%0%0%2016

-0.6%5.3%-1.7%6.0%-1.2%10.3%0%0%2017

-0.4%4.9%-2%4.1%-10.3%0%0%0%2018

-0.1%4.8%-0.2%3.9%0%0%0%0%YTD

-0.2%4.8%-0.1%4.0%0.4%0.4%2019

0.1%4.9%0.2%4.2%0.4%0.8%2020

0.2%5.1%0.3%4.4%0.5%1.2%2021 Forecast >

0.2%5.4%0.2%4.7%0.5%1.7%2022

0.2%5.6%0.2%4.9%0.4%2.2%2023


AVAILABILITY RATE

AVAILABILITY RATE

Availability Trend (YOY) AvailabilityTrend (YOY) Trend (YOY)AvailabilityTrend (YOY)Availability


-1%9.8%-0.8%7.2%-3.3%7.2%0%0%2013

-1%8.8%1.2%8.4%-3.4%3.8%0%0%2014

-0.9%7.9%0.7%9.1%0%3.8%0%0%2015

-0.8%7.1%0.9%10.1%7.6%11.5%0%0%2016

-0.5%6.6%-2.8%7.3%-1.2%10.3%0%0%2017

-0.4%6.3%-1.2%6.1%-10.3%0%0%0%2018

-0.3%6.2%0.3%7.6%-6.6%0%0%0%2019 YTD


MEDIAN MONTHS ON MARKET

MEDIAN MONTHS ON MARKET

Peers College Park/SW Atl Atlanta

2009 - 14.4 10.8

2010 7.6 12.4 13.1

2011 - 13.3 15.7

2012 - 14.9 18.6

2013 12.2 12.1 20.6

2014 25.7 17.7 23.4

2015 39.2 22.7 27.3

2016 48.2 14.1 25.1

2017 32.2 11.6 15.4

2018 - 9.0 11.4

2019 - 13.0 10.6


RENEWAL RATES

RENEWAL RATES

College Park/SW Atl Atlanta

2009 78.1% 66.6%

2010 77.0% 71.8%

2011 79.0% 75.9%

2012 74.5% 77.6%

2013 82.6% 82.9%

2014 83.9% 82.5%

2015 80.4% 87.1%

2016 80.5% 84.9%

2017 73.2% 75.8%

2018 65.1% 77.3%

2019 86.2% 70.8%

Rent Analytics1765 SW Ralph David Abernathy Blvd

ATLANTA RENT TRENDS

Rent growth is still well outpacing the national average.Recent performance comes on the heels of early-cycleweakness, though. Atlanta rents are still below theprerecession peak, while rents nationwide reached theprior peak in 2016. The concern remains whether or notdemographic tailwinds will insulate Atlanta from structuralheadwinds in the retail sector. However, with vacancieshovering near historical lows and a construction pipelinethat remains muted, landlords are in a better position topush rents than they were earlier this cycle, at least for

the time being.

Affluent in-town submarkets are leading the way interms of rent growth. Buoyed by limited supply pipelinesand strong demographic trends, the Buckhead/Lenox andMidtown/Brookwood submarkets have seen some of thebest rent growth over the past few quarters. Rent growthlaggards include supply-heavy exurban submarkets aswell as areas with weaker demographic profiles likethose in South Atlanta.

NNN RENT PER SQUARE FOOT

Rent Analytics1765 SW Ralph David Abernathy Blvd

NNN RENT PER SQUARE FOOT

Direct Rent Trend (YOY) Market RentTrend (YOY) Trend (YOY)Market RentTrend (YOY)Market Rent


-0.2%$14.84-0.3%$10.820.5%$12.56--2013

1.1%$15.001%$10.932.2%$12.83--2014

2.2%$15.342%$11.151.1%$12.97--2015

1.9%$15.640.2%$11.180.7%$13.06--2016

3.4%$16.173.1%$11.522.8%$13.42--2017

3.3%$16.702.5%$11.811.1%$13.56--2018

2.3%$17.072%$12.052%$13.84--YTD

4.3%$17.423.7%$12.253.1%$13.992019

2.3%$17.822%$12.501.6%$14.212020

1.5%$18.081.4%$12.671.3%$14.402021 Forecast >

1.3%$18.311.2%$12.821.3%$14.592022

0.9%$18.480.9%$12.941.1%$14.742023

Absorption Analytics1765 SW Ralph David Abernathy Blvd

NET ABSORPTION IN PEERS IN SQUARE FEET

NET ABSORPTION IN COLLEGE PARK/SW ATL SUBMARKET IN SQUARE FEET

NET ABSORPTION IN ATLANTA IN SQUARE FEET

Leasing Analytics1765 SW Ralph David Abernathy Blvd

LEASING ACTIVITY IN PEERS IN SQUARE FEET

LEASING ACTIVITY IN COLLEGE PARK/SW ATL SUBMARKET IN SQUARE FEET

LEASING ACTIVITY IN ATLANTA IN SQUARE FEET

Leasing Analytics1765 SW Ralph David Abernathy Blvd

SUBLEASE SPACE AVAILABLE IN ATLANTA IN SQUARE FEET


Construction



All-Time Annual Avg. SF

264,936Delivered SF Past 4 Qtrs

264,807Delivered SF Next 4 Qtrs

241,060Proposed SF Next 4 Qtrs

79,104PAST 4 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED

PAST & FUTURE DELIVERIES IN SQUARE FEET

Overall Construction Summary1765 SW Ralph David Abernathy Blvd

Atlanta Construction1765 SW Ralph David Abernathy Blvd

Despite a tight market, retail development remains tepid.The Atlanta market has roughly 0.5% of the existinginventory under construction. Recently, demolitions havehad as much of an impact on the market than newsupply. For example, the 150,000-SF Roswell ShoppingCenter was scrapped off its 20-acre lot to make way for300 units from multifamily developer Pollack Shores plusa 165,000-SF grocery-anchored project from Atlanta-based Fuqua Development. Those developers mostrecently worked together on components of the BravesSunTrust Park development.

The retail development that has occurred has generallychased affluent rooftops, expanding into the northern halfof the metro or in the urban core in places like Midtownand Buckhead. Exurban submarkets likeCumming/Forsyth County and Cherokee/Woodstockshould continue to lead the way in terms of new supply.Perhaps surprisingly, the CBD Submarket, whichincludes some of the fast-gentrifying East Atlantaneighborhoods, ranks as one of the most active retail

construction submarkets in the metro. Much of thatdevelopment can be attributed to grocery store portionsof mixed-use developments like Madison Yards (Publix)and 725 Ponce (Kroger).

One common theme for new retail supply is its marriageto multifamily. Since 2010, about one-third of apartmentunits delivered in the Atlanta metro have on-site retail.This includes retail space in the apartment building itself,or as part of a larger mixed-use center. This ratio ismore than five times greater than the historical averagefor mixed-use development and is a direct reflection ofconsumers wanting that sense of place where they live,work, and play.

Another factor in the limited amount of new deliverieshas been a strong renovation pipeline that has refreshedor rebranded dated shopping centers to better fit modernshopping patterns. More than 5.5 million SF has beenrenovated this cycle, and another 400,000 SF is underrenovation.

DELIVERIES & DEMOLITIONS

College Park/SW Atl Construction1765 SW Ralph David Abernathy Blvd

DELIVERIES & DEMOLITIONS


All-Time Annual Avg. SF

3,336Delivered SF Past 4 Qtrs

3,000Delivered SF Next 4 Qtrs

0Proposed SF Next 4 Qtrs

40,000PAST 4 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED

PAST & FUTURE DELIVERIES IN SQUARE FEET


RECENT DELIVERIES

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

Apr-2018516 Lee St

3,000 1 Nov-2018-

Dilshad Narsingani1

Oct-20171932 Metropolitan Pky SW

UPGRADED BRICK CON…10,000 1 May-2018

Milestone Construction LLC

Highland Asset2

PROPOSED

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

Jun-2019Porsche Ave

40,000 1 Jun-2020-

City of Hapeville1

http://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=PPW&redirUrl=%2Fredir%2Fdefault.aspx%3Feid%3D10731299%26ProductMode%3DProperty%26external%3D1



UNDER CONSTRUCTION IN SQUARE FEET (5 Mile Radius)

PROJECTED DELIVERIES IN SQUARE FEET (5 Mile Radius)

Construction Activity1765 SW Ralph David Abernathy Blvd


DELIVERIES IN SQUARE FEET (5 Mile Radius)

STARTS IN SQUARE FEET (5 Mile Radius)


PERCENT OCCUPIED AT DELIVERY (5 Mile Radius)

DELIVERIES AND OCCUPANCY IN SQUARE FEET (5 Mile Radius)


NEW CONSTRUCTION OCCUPANCY AFTER DELIVERY BY YEAR BUILT (5 Mile Radius)

NET ABSORPTION IN SQUARE FEET (5 Mile Radius)


NNN ASKING RENT PER SQUARE FOOT (5 Mile Radius)

Properties

8Square Feet

241,060Percent of Inventory

1.2%Preleased

60.8%UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION SUMMARY STATISTICS

Low Average Median High

Building SF 2,000 30,132 20,337 88,575

Stories 1 1 1 3

Typical Floor SF 2,500 28,853 31,654 60,000

Preleasing 18.1% 60.8% 100% 100%

Estimated Delivery Date July 2019 October 2019 September 2019 June 2020

Months to Delivery 1 4 3 12

Construction Period in Months 6 14 12 33

Star Rating 3.6

Under Construction Summary1765 SW Ralph David Abernathy Blvd

Under Construction Property Details1765 SW Ralph David Abernathy Blvd

Type: Strip Center Land Acres:

GLA: 6,890 SF

-

Building FAR: -

Floors: 1 Construction: -

Parking: -

Features: -

Frontage: -

Percent Leased: 100%

Square Feet: -

CoStar Est: $26 - 32

Start Date: Jan-2018

Completion: Jul-2019

Build Time: 18 Months

Delivery: 1 Month

Developer: Fuqua Development

Owner: Fuqua Development

1 1299 Northside Dr NW - Northside & 17thDistance to Subject Property: 3.5 Miles

PROPERTY

AVAILABILITYCONSTRUCTION

CONTACTS

Type: - Land Acres:

GLA: 2,000 SF

-

Building FAR: -


Parking: -

Features: -

Frontage: -


Square Feet: -





Delivery: 1 Month

Developer: -

Owner: -

2 1299 Northside Dr NWDistance to Subject Property: 3.5 Miles

PROPERTY


CONTACTS






Type: Neighborhood Center Land Acres:

GLA: 44,283 SF

-

Building FAR: -


Parking: Ratio of 0.00/1,000 SF

Features: -

Frontage: -

Percent Leased: 90.6%

Square Feet: 4,161


Start Date: Jul-2018

Completion: Sep-2019


Delivery: 3 Months

Developer: Eden Rock Real Estate Partners

Owner: Eden Rock Real Estate Partners

3 2250 Marietta Blvd NW - Building 100Distance to Subject Property: 4.6 Miles

PROPERTY


CONTACTS


GLA: 33,784 SF

-

Building FAR: -

Floors: 1 Construction: Masonry

Parking: -

Features: -

Frontage: 293' on Marietta Blvd NW


Square Feet: 17,676





Delivery: 3 Months

Developer: -

Owner: -

4 2246-2260 Marietta Blvd NW - Building 200Distance to Subject Property: 4.6 Miles

PROPERTY


CONTACTS







GLA: 2,500 SF

-

Building FAR: -


Parking: -

Features: -

Frontage: -


Square Feet: -





Delivery: 3 Months

Developer: -

Owner: -

5 2250 Marietta Blvd NW - Building DDistance to Subject Property: 4.6 Miles

PROPERTY


CONTACTS

Type: Supermarket Land Acres:

GLA: 60,000 SF

3.65 AC

Building FAR: 0.38

Floors: 1 Construction: Reinforced Concrete

Parking: -

Features: -

Frontage: -


Square Feet: -



Completion: Oct-2019


Delivery: 4 Months

Developer: New City, LLC

Owner: The Kroger Co.; Invest Atlanta

6 725 Ponce de Leon Ave NE - KrogerDistance to Subject Property: 4.9 Miles

PROPERTY


CONTACTS







GLA: 3,028 SF

-

Building FAR: -


Parking: -

Features: -

Frontage: -


Square Feet: -



Completion: Jan-2020


Delivery: 7 Months

Developer: -

Owner: -

7 2250 Marietta Blvd NW - Building CDistance to Subject Property: 4.6 Miles

PROPERTY


CONTACTS

Type: - Land Acres:

GLA: 88,575 SF

-

Building FAR: -


Parking: -

Features: Air Conditioning

Frontage: 500' on Peachtree St


Square Feet: 72,565


Start Date: May-2019

Completion: Jun-2020


Delivery: 12 Months

Developer: -

Owner: Dewberry Group

8 1155 Peachtree St NE - CampanileDistance to Subject Property: 4.3 Miles

PROPERTY


CONTACTS





Properties

21Square Feet

288,972Percent Leased

83.8%NNN Asking Rent Per SF

$26.44COMPLETED CONSTRUCTION PAST 12 MONTHS

CONSTRUCTION SUMMARY STATISTICS

Low Average Median High

GLA 1,053 13,761 8,800 58,000

Stories 1 1 1 3

Typical Floor SF 1,053 11,406 6,350 30,370

Leases Signed 0 2 0 11

Percent Leased 0% 83.8% 100% 100%

NNN Asking Rent Per SF $11.58 $26.44 $25.24 $35.17

Star Rating 3.1

Completed Construction Past 12 Months1765 SW Ralph David Abernathy Blvd

Completed Construction Past 12 Months1765 SW Ralph David Abernathy Blvd

Property Name/Address Rating GLA Stories Complete Leased Developer/Owner

Apr-2019569 Martin Luther King J…

8,800 - 100%-

YMCA1

Mar-2019330 Edgewood Ave SE

Black Sheep Tavern & O…6,350 1 100%

-

-2

Feb-20192429 Bolton Rd NW

5,000 1 100%-

-3

Feb-20191611 Ellsworth Industrial B…

Steady Hand Beer Co14,000 1 100%

-

-4

Jan-20191299 Northside Dr NW

McAlister's Deli3,781 1 100%

Fuqua Development

Fuqua Development5

Jan-20191259 Northside Dr NW

Zaxby's6,890 1 100%

Fuqua Development

Fuqua Development6

Jan-201975 Airline St SE

Edge35,000 3 93.1%

North American Properties

Vantage Realty Partners, LLC7

Dec-20181289 Northside Dr NW

5,500 1 100%Fuqua Development

Fuqua Development8

Nov-2018516 Lee St

3,000 1 100%-

Dilshad Narsingani9

Oct-2018519 Memorial Dr

Larkin on Memorial - Bui…20,010 1 100%

Paces Properties, Inc.

Paces Holdings, LLC10









Oct-20181299 Northside Dr NW

Northside & 17th8,207 1 100%

Fuqua Development

Fuqua Development13

Oct-2018Auburn Ave

StudioPlex Alley30,370 1 100%

-

Thrive Homes, LLC14

Oct-20182275 Marietta Blvd

18,500 1 18.2%-

EDENS15

Oct-20183349 Martin Luther King…

7,362 1 43.0%-

755 Restaurant Group16

Aug-20183349 Martin Luther King Jr

1,053 1 100%-

755 Restaurant Group17

Jul-2018777 Memorial Dr SE

Atlanta Dairies - Bldg A58,000 2 74.2%


Atlanta Dairies18

Jul-2018519 Memorial Dr

Larkin on Memorial - Bui…12,559 2 58.4%



May-20181932 Metropolitan Pky SW

UPGRADED BRICK CON…10,000 1 100%

Milestone Construction LLC

Highland Asset20

Apr-2018661 Auburn Ave NE

Studioplex Alley14,165 1 85.9%

-

Thrive Homes, LLC21






















Deliveries Past 12 Months Property Details1765 SW Ralph David Abernathy Blvd

Type: Health Club Land Acres:

GLA: 8,800 SF

-

Building FAR: -

Floors: - Construction: -

Parking: -

Features: -

Frontage: -


Square Feet: -


Start Date: Apr-2018

Completion: Apr-2019


Time Since Delivery: 2 Months

Developer: -

Owner: YMCA

1 569 Martin Luther King Jr DrDistance to Subject Property: 2.3 Miles

PROPERTY


CONTACTS

Type: Restaurant Land Acres:

GLA: 6,350 SF

-

Building FAR: -


Parking: -

Features: -

Frontage: -


Square Feet: -



Completion: Mar-2019



Developer: -

Owner: -

2 330 Edgewood Ave SE - Black Sheep Tavern & Oyster RoomDistance to Subject Property: 3.9 Miles

PROPERTY


CONTACTS






Type: Service Station Land Acres:

GLA: 5,000 SF

-

Building FAR: -


Parking: -

Features: -

Frontage: -


Square Feet: -


Start Date: Sep-2018

Completion: Feb-2019



Developer: -

Owner: -

3 2429 Bolton Rd NWDistance to Subject Property: 4.9 Miles

PROPERTY


CONTACTS

Type: - Land Acres:

GLA: 14,000 SF

-

Building FAR: -


Parking: -

Features: -

Frontage: -


Square Feet: -


Start Date: Sep-2018

Completion: Feb-2019



Developer: -

Owner: -

4 1611 Ellsworth Industrial Blvd - Steady Hand Beer CoDistance to Subject Property: 3.5 Miles

PROPERTY


CONTACTS







GLA: 3,781 SF

14.12 AC

Building FAR: 0.01


Parking: -

Features: -

Frontage: -


Square Feet: -








5 1299 Northside Dr NW - McAlister's DeliDistance to Subject Property: 3.5 Miles

PROPERTY


CONTACTS


GLA: 6,890 SF

-

Building FAR: -


Parking: -

Features: -

Frontage: -


Square Feet: -








6 1259 Northside Dr NW - Zaxby'sDistance to Subject Property: 3.5 Miles

PROPERTY


CONTACTS






Type: Storefront Retail/Office Land Acres:

GLA: 35,000 SF

-

Building FAR: -


Parking: 220 Covered Spaces are available; Ratio of 6.29/1,000 SF

Features: -

Frontage: -


Square Feet: 2,400


Start Date: Nov-2017




Developer: North American Properties

Owner: Vantage Realty Partners, LLC

7 75 Airline St SE - EdgeDistance to Subject Property: 4.6 Miles

PROPERTY


CONTACTS


GLA: 5,500 SF

-

Building FAR: -


Parking: -

Features: -

Frontage: -


Square Feet: -

Asking Rent: $24.03

Start Date: Jun-2018

Completion: Dec-2018





8 1289 Northside Dr NWDistance to Subject Property: 3.5 Miles

PROPERTY


CONTACTS






Type: Service Station Land Acres:

GLA: 3,000 SF

-

Building FAR: -


Parking: -

Features: -

Frontage: -


Square Feet: -



Completion: Nov-2018



Developer: -

Owner: Dilshad Narsingani

9 516 Lee StDistance to Subject Property: 1.9 Miles

PROPERTY


CONTACTS

Type: - Land Acres:

GLA: 20,010 SF

3.50 AC

Building FAR: 0.13


Parking: -

Features: -

Frontage: -


Square Feet: -






Developer: Paces Properties, Inc.

Owner: Paces Holdings, LLC

10 519 Memorial Dr - Larkin on Memorial - Building ADistance to Subject Property: 4.3 Miles

PROPERTY


CONTACTS






Type: - Land Acres:

GLA: 17,545 SF

3.05 AC

Building FAR: 0.13


Parking: -

Features: -

Frontage: -


Square Feet: -








11 519 Memorial Dr - Larkin on Memorial - Building BDistance to Subject Property: 4.3 Miles

PROPERTY


CONTACTS

Type: Restaurant Land Acres:

GLA: 2,880 SF

3.05 AC

Building FAR: 0.02



Features: -

Frontage: -

Percent Leased: 0%

Square Feet: 2,880








12 519 Memorial Dr - Larkin on Memorial - Building EDistance to Subject Property: 4.3 Miles

PROPERTY


CONTACTS







GLA: 8,207 SF

-

Building FAR: -


Parking: -

Features: -

Frontage: -


Square Feet: -


Start Date: Feb-2018






13 1299 Northside Dr NW - Northside & 17thDistance to Subject Property: 3.6 Miles

PROPERTY


CONTACTS

Type: - Land Acres:

GLA: 30,370 SF

-

Building FAR: -


Parking: -

Features: -

Frontage: -


Square Feet: -






Developer: -

Owner: Thrive Homes, LLC

14 Auburn Ave @ Irwin St NE - StudioPlex AlleyDistance to Subject Property: 4.6 Miles

PROPERTY


CONTACTS







GLA: 18,500 SF

-

Building FAR: -

Floors: 1 Construction: Steel

Parking: -

Features: Air Conditioning

Frontage: 200' on Marietta Blvd (with 2 curb cuts)


Square Feet: 15,140






Developer: -

Owner: EDENS

15 2275 Marietta BlvdDistance to Subject Property: 4.8 Miles

PROPERTY


CONTACTS

Type: - Land Acres:

GLA: 7,362 SF

-

Building FAR: -


Parking: -

Features: -

Frontage: -


Square Feet: 4,200






Developer: -

Owner: 755 Restaurant Group

16 3349 Martin Luther King Jr DrDistance to Subject Property: 3.0 Miles

PROPERTY


CONTACTS






Type: - Land Acres:

GLA: 1,053 SF

1.75 AC

Building FAR: 0.01


Parking: -

Features: -

Frontage: -


Square Feet: -


Start Date: Mar-2018

Completion: Aug-2018



Developer: -

Owner: 755 Restaurant Group

17 3349 Martin Luther King JrDistance to Subject Property: 3.0 Miles

PROPERTY


CONTACTS


GLA: 58,000 SF

-

Building FAR: -


Parking: -

Features: Air Conditioning, Storage Space

Frontage: -


Square Feet: 14,983







Owner: Atlanta Dairies

18 777 Memorial Dr SE - Atlanta Dairies - Bldg ADistance to Subject Property: 4.8 Miles

PROPERTY


CONTACTS







GLA: 12,559 SF

3.05 AC

Building FAR: 0.09


Parking: -

Features: -

Frontage: -


Square Feet: 5,229

Asking Rent: $33.00







19 519 Memorial Dr - Larkin on Memorial - Building DDistance to Subject Property: 4.3 Miles

PROPERTY


CONTACTS

Type: Freestanding Land Acres:

GLA: 10,000 SF

1.28 AC

Building FAR: 0.18



Features: -

Frontage: -


Square Feet: -


Start Date: Oct-2017

Completion: May-2018



Developer: Milestone Construction LLC

Owner: Highland Asset

20 1932 Metropolitan Pky SW - UPGRADED BRICK CONSTRUCTION FAMILY D…Distance to Subject Property: 4.0 Miles

PROPERTY


CONTACTS






Type: - Land Acres:

GLA: 14,165 SF

-

Building FAR: -



Features: -

Frontage: -


Square Feet: 1,993



Completion: Apr-2018



Developer: -

Owner: Thrive Homes, LLC

21 661 Auburn Ave NE - Studioplex AlleyDistance to Subject Property: 4.6 Miles

PROPERTY


CONTACTS




Sale Comps



Investment Trends1765 SW Ralph David Abernathy Blvd

Sale Comparables

17Avg. Cap Rate

-Avg. Price/SF

$189Avg. Vacancy At Sale

10.6%SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High

Sale Price $3,000 $440,940 $307,059 $1,250,000

Price Per SF $1.30 $189 $149 $403

Cap Rate - - - -

Time Since Sale in Months 5.4 21.1 20.3 32.3

Property Attributes Low Average Median High

Building SF 1,155 2,274 2,307 3,437

Stories 1 1 1 2

Typical Floor SF 1,098 2,210 2,307 3,437

Vacancy Rate At Sale 0% 10.6% 0% 100%

Year Built 1900 1938 1930 2017

Star Rating 2.1


Property Name - Address Rating Yr Built Bldg SF Vacancy Price Price/SF

Property

Sale Date

Sale

Cap Rate

-1 1980 Donald Lee Hollow…1940 1,250 0% $90,000 $721/3/2019 -

-2 2323 Cascade Rd1964 1,200 91.7% $225,000 $1885/18/2018 -

-3 820 SW Ralph David Abe…- 1,155 0% $180,000 $1564/12/2018 -

-4 635 Lee St SW- 1,200 0% - -3/28/2018 -

-5 633-635 Lee St SW1920 2,600 0% - -3/28/2018 -

-6 1998 Donald Lee Hollow…1946 2,000 0% - -1/11/2018 -

-6 1998 Donald Lee Hollow…1946 2,000 0% - -1/11/2018 -

-7 1767 SW Ralph David Ab…- 1,988 0% $3,000 $1.5110/6/2017 -

-1765 SW Ralph David Ab…

- 2,307 0% $3,000 $1.3010/6/2017 -

-8 140 SW Mitchell St- 2,360 0% $273,611 $1167/31/2017 -

-9 138 Peachtree St SW1920 2,937 0% $340,507 $1167/31/2017 -

-10 99-101 Broad St SW1910 3,057 0% $800,000 $2627/17/2017 -

-11 2685 Donald Lee Hollow…2017 3,100 0% $1,250,000 $4032/23/2017 -

-12 393 NW Marietta St1920 2,873 0% - -12/31/2016 -

-13 96 SW Broad St- 2,195 0% $848,764 $38710/18/2016 -

-14 68 SW Peachtree St- 3,437 0% $852,900 $24810/7/2016 -

-15 115 Peachtree St SW1900 3,000 100% $424,500 $14210/7/2016 -

http://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=PPW&redirUrl=%2Fredir%2Fdefault.aspx%3Feid%3D8196751%26ProductMode%3DProperty%26SelectedTab%3Dsale%26external%3D1


















ATLANTA INVESTMENT TRENDS

Sales volume has remained relatively steady over thepast few years in Atlanta. Pricing continues to rise, albeitslowly, and cap rates have flattened out in recent years.A large portion of major sales in the metro either involvewell-located grocery-anchored centers or come as apotential redevelopment play.

Even some underperforming assets have nettedinvestors decent returns in recent years. For example,Los Angeles-based Vintage Real Estate sold its431,000-SF portion of Southlake Mall for $45.2 million($104/SF) in early 2019 after acquiring it for $37.1 million($86/SF) in 2014. Vintage worked on revitalizing the mallby recruiting Chime Solutions to open a call center in theformer JCPenney and attracting a handful of new retailtenants.

In a major recent deal, Jamestown picked up a pair of

suburban shopping centers for $93.9 million in 18Q4.Although the centers are fully occupied, Jamestown maybe looking more at the 25 acres they sit on as a long-term play. The two centers represent some of the fewremaining large blocks of land in the area surroundingthe newly built City Springs municipal complex.

Well-performing in-town assets and grocery-anchoredcenters have garnered above-average pricing. Thelandmark Krog Street Market sold in 18Q2 for $45.8million for both the retail and office portions. The retailaspect commands significantly higher rents and foottraffic and thus sold for $750/SF, as Charlotte-basedAsana Partners bought out Paces Properties, Inc.'s otherco-investor. Core-grocery-anchored investors havealso pushed up unit pricing, with Whole Foods-,Sprouts-, and Fresh Market-anchored propertiescommanding nearly $500/SF in some cases.

SALES VOLUME & MARKET SALE PRICE PER SF


SALES VOLUME & MARKET SALE PRICE PER SF

Sale Comp Details1765 SW Ralph David Abernathy Blvd

Type: Storefront

Tenancy: Single

GLA: 1,250 SF

Construction: Masonry

Yr Built/Renov: 1940

Land Acres: 0.11 AC

Anchor Tenant -

Building FAR: 0.26

Parking: -

Features: Bus Line

Sale Vacancy: 0%

Frontage: 127' on Donald Lee Hollowell Pky

Anchor GLA: - Total Expenses: -

Location Score: 39

Walk Score®: Car-Dependent (45)

Transit Score®: Some Transit (40)

For Sale: Not For Sale

1 1980 Donald Lee Hollowell PkyDistance to Subject Property: 1.8 Miles

CONTACTS

Buyer: -

Seller: -

Buyer Broker: -

Listing Broker: Perry Solem - Perry Sol…

SALE

Sale Type: Investment

Sale Date: 1/3/2019

Sale Price: $90,000

Price/SF: $72

Cap Rate: -

SALE TERMS

Sale Conditions: -

Financing: -

PROPERTY




Type: Storefront

Tenancy: Single

GLA: 1,200 SF

Construction: -


Land Acres: 0.12 AC

Anchor Tenant -

Building FAR: 0.23


Features: -

Sale Vacancy: 91.7%

Frontage: 58' on Cascade Rd


Location Score: 37

Walk Score®: Somewhat Walkable (58)



2 2323 Cascade RdDistance to Subject Property: 2.3 Miles

CONTACTS

Buyer: Sheare Investments Llc

Seller: Rekeep Invs Inc

Buyer Broker: -

Listing Broker: -

SALE

Sale Type: -

Sale Date: 5/18/2018

Sale Price: $225,000

Price/SF: $188

Cap Rate: -

SALE TERMS

Sale Conditions: -

Financing: -

PROPERTY

LARGEST TENANTS AT SALE

Tenant Chain Move Date Exp DateSF OccupiedStore Type

Yeye's Botanica No Jul 2016 -1,000-




Type: Storefront

Tenancy: Single

GLA: 1,155 SF


Yr Built/Renov: -

Land Acres: 0.04 AC

Anchor Tenant -

Building FAR: 0.66


Features: Bus Line

Sale Vacancy: 0%

Frontage: 117' on Ralph David Abernathy Blv


Location Score: 51

Walk Score®: Walker's Paradise (90)

Transit Score®: Excellent Transit (71)


3 820 SW Ralph David Abernathy BlvdDistance to Subject Property: 1.9 Miles

CONTACTS

Buyer: -

Seller: -

Buyer Broker: -

Listing Broker: Elisha Parks - Elisha P…

SALE




Price/SF: $156

Cap Rate: -

SALE TERMS

Sale Conditions: -

Financing: -

PROPERTY



Wig Plaza No Aug 2018 -4,379-




Type: Storefront

Tenancy: Single

GLA: 1,200 SF


Yr Built/Renov: -

Land Acres: -

Anchor Tenant -

Building FAR: -

Parking: 16 Surface Spaces are available

Features: Bus Line

Sale Vacancy: 0%

Frontage: 103' on Lee St


Location Score: 51




4 635 Lee St SWDistance to Subject Property: 1.9 Miles

CONTACTS

Buyer: Harold G Smith

Seller: Kim Jung S & Young

Buyer Broker: -

Listing Broker: -

SALE

Sale Type: -


Sale Price: -

Price/SF: -

Cap Rate: -

SALE TERMS

Sale Conditions: -

Financing: 1st Mortgage

PROPERTY



Salaam Sales Inc No May 2013 -1,200-




Type: Storefront

Tenancy: Single

GLA: 2,600 SF



Land Acres: -

Anchor Tenant -

Building FAR: -

Parking: 16 Surface Spaces are available; Ratio of 6.15/1,000 SF

Features: Bus Line

Sale Vacancy: 0%

Frontage: 93' on Lee St


Location Score: 51




5 633-635 Lee St SWDistance to Subject Property: 1.9 Miles

CONTACTS

Buyer: Harold G Smith

Seller: Kim Jung S & Young

Buyer Broker: -

Listing Broker: -

SALE

Sale Type: -


Sale Price: -

Price/SF: -

Cap Rate: -

SALE TERMS

Sale Conditions: -

Financing: 1st Mortgage

PROPERTY




Type: Storefront

Tenancy: Single

GLA: 2,000 SF



Land Acres: 0.07 AC

Anchor Tenant -

Building FAR: 0.66

Parking: -

Features: Bus Line

Sale Vacancy: 0%

Frontage: 135' on Bankhead Hwy


Location Score: 37





CONTACTS

Buyer: 1998 Dlh Land Trust

Seller: Little Vera

Buyer Broker: -

Listing Broker: -

SALE

Sale Type: -


Sale Price: -

Price/SF: -

Cap Rate: -

SALE TERMS

Sale Conditions: -

Financing: -

PROPERTY




Type: Storefront

Tenancy: Single

GLA: 2,000 SF



Land Acres: 0.07 AC

Anchor Tenant -

Building FAR: 0.66

Parking: -

Features: Bus Line

Sale Vacancy: 0%

Frontage: 135' on Bankhead Hwy


Location Score: 37





CONTACTS

Buyer: Bent Tree Properties Llc

Seller: Little Vera

Buyer Broker: -

Listing Broker: -

SALE

Sale Type: -


Sale Price: -

Price/SF: -

Cap Rate: -

SALE TERMS

Sale Conditions: -

Financing: -

PROPERTY




Type: Storefront

Tenancy: Single

GLA: 1,988 SF


Yr Built/Renov: -

Land Acres: -

Anchor Tenant -

Building FAR: -

Parking: -

Features: Bus Line

Sale Vacancy: 0%

Frontage: 168' on Martin Luther King Jr Dr, 155' on Ralph David Abernathy Blv


Location Score: 41


Transit Score®: Good Transit (55)


7 1767 SW Ralph David Abernathy BlvdDistance to Subject Property: 0.0 Miles

CONTACTS

Buyer: BW Home Solutions LLC

Seller: Johnson E Joseph

Buyer Broker: -

Listing Broker: -

SALE

Sale Type: Owner User


Sale Price: $3,000

Price/SF: $1.51

Cap Rate: -

SALE TERMS

Sale Conditions: -

Financing: -

PROPERTY




Type: Storefront

Tenancy: Single

GLA: 2,307 SF


Yr Built/Renov: -

Land Acres: -

Anchor Tenant -

Building FAR: -

Parking: -

Features: Bus Line

Sale Vacancy: 0%

Frontage: 144' on Ralph David Abernathy Blv


Location Score: 41


Transit Score®: Good Transit (55)


1765 SW Ralph David Abernathy BlvdDistance to Subject Property: 0.0 Miles

CONTACTS

Buyer: -

Seller: -

Buyer Broker: -

Listing Broker: -

SALE

Sale Type: -


Sale Price: $3,000

Price/SF: $1.30

Cap Rate: -

SALE TERMS

Sale Conditions: -

Financing: -

PROPERTY




Type: Storefront

Tenancy: Single

GLA: 2,360 SF


Yr Built/Renov: -

Land Acres: -

Anchor Tenant -

Building FAR: -

Parking: -

Features: Bus Line

Sale Vacancy: 0%

Frontage: 124' on Mitchell St


Location Score: 93




8 140 SW Mitchell StDistance to Subject Property: 3.0 Miles

CONTACTS

Buyer: NEWPORT US RE LP

Seller: ZP Group Peachtree In…

Buyer Broker: -

Listing Broker: -

SALE




Price/SF: $116

Cap Rate: -

SALE TERMS

Sale Conditions: Assemblage, Redevelopment Project

Financing: -

PROPERTY

SALE NOTES

On 7/31/2017 the seven building in downtown Atlanta sold for a total of $6,425,000. There were no known sale conditions for this transaction and thebuyer is still assessing the feasibility of future redevelopment for these properties. These properties were acquired as part of an ongoing assemblageof property in downtown Atlanta, most of which are slated for redevelopment. Information regarding the transaction was verified with the buyer andthe seller. There were no brokers involved in the sale.




Type: Storefront

Tenancy: Single

GLA: 2,937 SF



Land Acres: 0.07 AC

Anchor Tenant -

Building FAR: 0.96

Parking: -

Features: Signalized Intersection

Sale Vacancy: 0%



Location Score: 94




9 138 Peachtree St SWDistance to Subject Property: 3.0 Miles

CONTACTS


Seller: ZP Group Peachtree In…

Buyer Broker: -

Listing Broker: -

SALE




Price/SF: $116

Cap Rate: -

SALE TERMS


Financing: -

PROPERTY

SALE NOTES

On 7/31/2017 the seven building in downtown Atlanta sold for a total of $6,425,000. There were no known sale conditions for this transaction and thebuyer is still assessing the feasibility of future redevelopment for these properties. These properties were acquired as part of an ongoing assemblageof property in downtown Atlanta, most of which are slated for redevelopment. Information regarding the transaction was verified with the buyer andthe seller. There were no brokers involved in the sale.




Type: Storefront

Tenancy: Single

GLA: 3,057 SF

Construction: Reinforced Concrete


Land Acres: 0.07 AC

Anchor Tenant -

Building FAR: 1.00

Parking: -

Features: Bus Line, Metro/Subway

Sale Vacancy: 0%

Frontage: 189' on Broad St


Location Score: 94




10 99-101 Broad St SWDistance to Subject Property: 3.0 Miles

CONTACTS


Seller: Haverhill Holdings

Buyer Broker: -

Listing Broker: Haverhill Realty - Hass…

SALE




Price/SF: $262

Cap Rate: -

SALE TERMS


Financing: -

PROPERTY

SALE NOTES

On 7/17/2017 this 3,057 sf retail building located at 99-101 Broad Street in Atlanta, GA, sold for $800,000. This was acquired as part of an ongoingassemblage of property in downtown atlanta, most of which are slated for redevelopment. The listing broker and buyer confirmed the details used inthis transaction.




Type: Storefront

Tenancy: -

GLA: 3,100 SF

Construction: -


Land Acres: 0.40 AC

Anchor Tenant -

Building FAR: 0.18

Parking: -

Features: -

Sale Vacancy: 0%

Frontage: -


Location Score: 39

Walk Score®: Somewhat Walkable (57)



11 2685 Donald Lee Hollowell Pky NWDistance to Subject Property: 2.6 Miles

CONTACTS

Buyer: Shaneel Lalani

Seller: Omair Pasha

Buyer Broker: -

Listing Broker: -

SALE

Sale Type: Owner User


Sale Price: $1,250,000

Price/SF: $403

Cap Rate: -

SALE TERMS

Sale Conditions: -

Financing: -

PROPERTY

SALE NOTES

On February 23rd, 2017 the 3,100 sf convenience store / gas station at 2685 Donald Lee Hollowell Parkway in Atlanta, GA was sold for $1,250,000, or$403.23 per square foot. The property, which was completed in January 2017, was sold to an owner/user who will operate the Citgo branded station.Information was verified with the seller and the public record. There were no brokers involved in the transaction.




Type: Storefront

Tenancy: Single

GLA: 2,873 SF



Land Acres: 0.18 AC

Anchor Tenant -

Building FAR: 0.37

Parking: -

Features: Bus Line

Sale Vacancy: 0%

Frontage: 184' on Marietta St


Location Score: 94

Walk Score®: Very Walkable (86)



12 393 NW Marietta StDistance to Subject Property: 2.9 Miles

CONTACTS

Buyer: 383 Marietta Street & L…

Seller: Barton Joseph H

Buyer Broker: -

Listing Broker: -

SALE

Sale Type: -

Sale Date: 12/31/2016

Sale Price: -

Price/SF: -

Cap Rate: -

SALE TERMS

Sale Conditions: -

Financing: -

PROPERTY



Studio No Seven No Apr 2016 -2,873-




Type: Storefront

Tenancy: Single

GLA: 2,195 SF


Yr Built/Renov: -

Land Acres: -

Anchor Tenant -

Building FAR: -

Parking: -

Features: Bus Line

Sale Vacancy: 0%

Frontage: 115' on Broad St


Location Score: 94




13 96 SW Broad StDistance to Subject Property: 3.0 Miles

CONTACTS


Seller: Walter Strauss

Buyer Broker: Berkshire Realty - Jaso…

Listing Broker: The LeCraw Company -…

SALE


Sale Date: 10/18/2016


Price/SF: $387

Cap Rate: -

SALE TERMS

Sale Conditions: Bulk/Portfolio Sale, Historical Site, Redevelopment Project

Financing: -

PROPERTY

SALE NOTES

On October18th, 2016 a portfolio of 9 properties between Peachtree and Broad Streets in Atlanta, GA were sold for $9,750,000, or $196.59 per squarefoot. The square footage of the properties is estimated to be around 49,595 sf, however, this is only an estimate. Due to the age and configuration ofthe buildings it is difficult to determine the exact size. The buyer acquired the properties as an investment and will perform significan renovations. Theproperties which were conveyed include the following: 55/57 Peachtree Street (This is currently configured as one property on two parcels) 70Peachtree Street 73 Peachtree Street 74 Peachtree Street 60 Broad Street 96 Broad Street 98 Broad Street. This acquisition is part of an ongoingassemblage of retail properties by the buyer in the downtown Atlanta area. Information was verified with sources deemed reliable and the publicrecord.




Type: Storefront

Tenancy: Single

GLA: 3,437 SF


Yr Built/Renov: -

Land Acres: -

Anchor Tenant -

Building FAR: -

Parking: -

Features: Bus Line

Sale Vacancy: 0%



Location Score: 95




14 68 SW Peachtree StDistance to Subject Property: 3.1 Miles

SALE




Price/SF: $248

Cap Rate: -

CONTACTS


Seller: Kerker Properties Lp


Listing Broker: -

SALE TERMS


Financing: -

PROPERTY

SALE NOTES

On October 7th, 2016, the 6 properties at atlanta undeground, listed below, were sold together for$3,600,000, or $234.31 per square foot as part of aredevelopment project. The properties which transacted were: 61 / 63 Peachtree Street SW 68 Peachtree Street SW 115 Peachtree Street SW 92Broad Street SW 100 Broad Street SW The properties, were acquired by Newport US RE as part of a large assemblage they are making in the AtlantaUnderground. Newport will be redeveloping the properties for mixed use while while preserving some of the historic architecture. The buyer mentionedthat some of the properties were delivered vacant and some were delivered occupied. The transaction was under contract for 8-10 months accordingto the seller. The buyer approached the seller directly for this deal, none of the properties were on the market. According to public record, there was nofinancing involved in this transaction, this was an all cash deal. Information was verified with the seller, the public record, and the buyer'…



J & C Food Mart No Dec 2017 -3,437-




Type: Storefront

Tenancy: Single

GLA: 3,000 SF



Land Acres: 0.07 AC

Anchor Tenant -

Building FAR: 0.98

Parking: -

Features: Bus Line, Metro/Subway

Sale Vacancy: 100%



Location Score: 93




15 115 Peachtree St SWDistance to Subject Property: 3.0 Miles

CONTACTS


Seller: Kerker Properties Lp


Listing Broker: -

SALE




Price/SF: $142

Cap Rate: -

SALE TERMS


Financing: -

PROPERTY

SALE NOTES

On October 7th, 2016, the 6 properties at atlanta undeground, listed below, were sold together for$3,600,000, or $234.31 per square foot as part of aredevelopment project. The properties which transacted were: 61 / 63 Peachtree Street SW 68 Peachtree Street SW 115 Peachtree Street SW 92Broad Street SW 100 Broad Street SW The properties, were acquired by Newport US RE as part of a large assemblage they are making in the AtlantaUnderground. Newport will be redeveloping the properties for mixed use while while preserving some of the historic architecture. The buyer mentionedthat some of the properties were delivered vacant and some were delivered occupied. The transaction was under contract for 8-10 months accordingto the seller. The buyer approached the seller directly for this deal, none of the properties were on the market. According to public record, there was nofinancing involved in this transaction, this was an all cash deal. Information was verified with the seller, the public record, and the buyer's broker.



Sales Volume1765 SW Ralph David Abernathy Blvd

COLLEGE PARK/SW ATL SUBMARKET SALES VOLUME IN SQUARE FEET

SOUTH ATLANTA SUBMARKET CLUSTER SALES VOLUME IN SQUARE FEET

ATLANTA METRO SALES VOLUME IN SQUARE FEET

Sales Pricing1765 SW Ralph David Abernathy Blvd

NATIONAL PRICE INDICES

REGIONAL RETAIL PRICE INDICES

Sales Pricing1765 SW Ralph David Abernathy Blvd

PRICE PER SF INDEX

UNITED STATES RETAIL PRICE PER SF IN PAST YEAR ATLANTA RETAIL PRICE PER SF IN PAST YEAR

PRICE PER SF SUMMARY OF SALES IN PAST YEAR

Geography HighTop 25%AverageMedianBottom 25%LowTransactions

$18,613United States 41,934 $0.03 $42 $150 $173 $695

$2,757Atlanta 1,049 $5.56 $64 $185 $172 $656

$1,369South Atlanta 128 $11 $48 $145 $112 $574

$757College Park/SW Atl 31 $11 $49 $100 $139 $401

$72Selected Sale Comps 1 $72 N/A $72 $72 N/A

Cap Rates1765 SW Ralph David Abernathy Blvd

CAP RATE TRENDS

UNITED STATES RETAIL CAP RATES IN PAST YEAR ATLANTA RETAIL CAP RATES IN PAST YEAR

CAP RATE SUMMARY OF SALES IN PAST YEAR

Geography HighTop 25%AverageMedianBottom 25%LowTransactions

25.0%United States 11,049 0.4% 5.1% 6.9% 7.1% 9.6%

15.9%Atlanta 377 1.0% 5.4% 7.0% 7.3% 9.6%

15.9%South Atlanta 43 3.1% 5.4% 7.8% 7.9% 10.9%

9.0%College Park/SW Atl 7 6.3% 6.4% 7.8% 7.6% 8.9%

-Selected Sale Comps 0 - - - - -

Buyers1765 SW Ralph David Abernathy Blvd

TOP ATLANTA RETAIL BUYERS PAST TWO YEARS

Purchased at least one asset in College Park/SW Atl Ret submarket

Properties Bought

Company Name Bldgs VolumeSF

Properties Sold

SF BldgsVolume

InvenTrust Properties Corp. 11 311,143 $143,027,273 7 361,886 $44,349,999

Jamestown 8 436,006 $96,265,000 0 0 -

DRA Advisors LLC 9 448,861 $80,100,000 3 132,877 $30,500,000

Crow Holdings 15 181,094 $62,357,000 4 69,296 $18,450,000

Westwood Financial 5 83,591 $58,200,001 4 80,654 $34,245,000

Phillips Edison & Company 7 265,636 $49,286,000 9 290,709 $24,371,799

Sun Life Financial Inc. 4 144,131 $46,600,000 0 0 -

Preferred Apartment Communities, Inc. 4 240,310 $45,809,350 0 0 -

E & J Lawrence Corp. 1 430,942 $45,257,438 0 0 -

Acadia Realty Trust 7 361,886 $44,349,999 0 0 -

National Retail Properties, Inc 20 146,565 $41,859,085 2 12,959 $2,145,000

Sridhar Marupudi 15 442,929 $37,324,999 2 41,638 $6,606,350

Harbour Retail Partners 4 302,039 $35,099,999 0 0 -

The Ainbinder Co. 2 364,194 $35,000,000 0 0 -

Island Capital Group LLC 2 367,449 $34,150,000 0 0 -

LaSalle Investment Management Inc. 1 56,460 $33,250,000 1 112,427 $30,000,000

Agree Realty Corporation 13 144,020 $32,340,502 0 0 -

Asana Partners 17 261,196 $32,001,516 0 0 -

Branch Capital Partners LLC 4 95,522 $31,650,000 9 127,009 $25,368,105

Publix Super Markets Inc. 3 188,641 $31,078,947 1 70,000 $31,800,000

FCA Partners 3 132,877 $30,500,000 0 0 -

Lincoln Property Company 2 101,526 $29,700,000 0 0 -

WePartner Management LLC 7 334,257 $28,090,000 0 0 -

The Simpson Organization 1 62,139 $27,000,000 1 62,139 $27,000,000

Joseph Furer 4 156,555 $26,999,999 0 0 -

TYPES OF RETAIL ATLANTA BUYERS PAST TWO YEARS

Company Type Bldgs Billions Avg PricePrice/SF

Average Purchase

SF

Buying Volume

Private 1,118 18,429,482 $149 $2,469,482$2.8

User 155 3,291,574 $150 $3,198,619$0.5

Institutional 138 2,796,531 $161 $3,271,675$0.5

REIT/Public 112 2,215,795 $198 $3,933,430$0.4

Private Equity 43 1,049,797 $221 $5,407,775$0.2

$0 $0.7 $1.4 $2.1 $2.8

Sellers1765 SW Ralph David Abernathy Blvd

TOP ATLANTA RETAIL SELLERS PAST TWO YEARS

Sold at least one asset in College Park/SW Atl Ret submarket

Properties Sold

Company Name Bldgs VolumeSF

Properties Bought

SF BldgsVolume

Fuqua Development 22 374,436 $134,502,273 1 37,652 $7,755,077

SITE Centers 26 1,507,643 $123,022,800 8 228,613 $10,350,000

Mimms Enterprises 6 561,937 $113,047,500 0 0 -

The Blackstone Group L.P. 10 452,061 $80,100,000 0 0 -

Weingarten Realty Investors 9 650,576 $70,970,000 1 179,182 $1,250,000

RCG Ventures, LLC 10 595,446 $63,194,000 0 0 -

EDENS 3 140,008 $61,100,000 0 0 -

Columbia Properties, Inc. 4 144,131 $46,600,000 0 0 -

Vintage Real Estate LLC 1 430,942 $45,257,438 0 0 -

InvenTrust Properties Corp. 7 361,886 $44,349,999 11 311,143 $143,027,273

SunTrust Banks, Inc. 18 109,551 $41,901,529 2 10,500 $5,054,947

Coro Realty Advisors, LLC 10 98,010 $38,550,001 0 0 -

Inland Real Estate Group of Companies, Inc. 4 387,703 $38,009,698 0 0 -

GDC Properties, LLC 6 140,281 $35,991,000 0 0 -

Ginsburg Development Companies 4 302,039 $35,099,999 0 0 -

Crown Holdings Group 8 250,220 $35,041,426 2 6,200 $1,284,371

Westwood Financial 4 80,654 $34,245,000 5 83,591 $58,200,001

Sullivan Wickley Properties 21 180,285 $33,275,299 0 0 -

Ackerman & Co. 11 263,126 $33,250,001 0 0 -

Peter Blum & Company 1 56,460 $33,250,000 0 0 -

Hayden Anne Pou Bowen 1 82,000 $32,500,000 0 0 -

Publix Super Markets Inc. 1 70,000 $31,800,000 3 188,641 $31,078,947

UBS Financial Services, Inc. 4 95,522 $31,650,000 0 0 -

Vault Equity Partners 23 129,315 $30,986,099 23 128,499 $24,285,650

DRA Advisors LLC 3 132,877 $30,500,000 9 448,861 $80,100,000

TYPES OF RETAIL ATLANTA SELLERS PAST TWO YEARS

Company Type Bldgs Billions Avg PricePrice/SF

Average Sale

SF

Selling Volume

Private 1,160 17,257,708 $174 $2,594,961$3

User 207 3,925,654 $136 $2,584,833$0.5

Institutional 178 4,122,630 $129 $3,001,073$0.5

REIT/Public 70 2,904,111 $106 $4,400,478$0.3

Private Equity 57 1,668,732 $152 $4,450,933$0.3

$0 $0.8 $1.6 $2.4 $3.2


Demographics



Income & Spending Demographics1765 SW Ralph David Abernathy Blvd

10 Min. Drive5 Miles3 Miles1 Mile

85,34936,673 126,3482019 Households by HH Income 3,359

35.15%29,99633.95%46.09%16,90342.48% 42,897<$25,000 1,427

23.42%19,98820.25%24.38%8,94028.04% 25,586$25,000 - $50,000 942

16.04%13,68816.38%14.91%5,46919.77% 20,696$50,000 - $75,000 664

8.62%7,3609.91%7.31%2,6796.07% 12,518$75,000 - $100,000 204

5.73%4,8926.67%3.28%1,2021.73% 8,428$100,000 - $125,000 58

3.33%2,8393.38%1.73%6340.65% 4,268$125,000 - $150,000 22

3.57%3,0494.05%1.18%4330.54% 5,114$150,000 - $200,000 18

4.14%3,5365.41%1.13%4130.71% 6,841$200,000+ 24

$60,527$41,863 $66,5192019 Avg Household Income $39,326

$40,034$28,042 $43,8272019 Med Household Income $29,279


$1.6B$592.2M $2.5BTotal Specified Consumer Spending $55.5M

6.89%$108.7M6.61%7.95%$47.1M7.93% $164.5MTotal Apparel $4.4M

2.65%$41.8M2.59%2.99%$17.7M2.97% $64.4MWomen's Apparel $1.6M

1.45%$22.9M1.41%1.59%$9.4M1.60% $35.0MMen's Apparel $888.9K

0.55%$8.6M0.51%0.67%$4.0M0.66% $12.8MGirl's Apparel $367.0K

0.37%$5.8M0.34%0.45%$2.7M0.44% $8.6MBoy's Apparel $241.6K

0.36%$5.7M0.34%0.41%$2.5M0.37% $8.3MInfant Apparel $203.0K

1.52%$23.9M1.42%1.84%$10.9M1.89% $35.4MFootwear $1.1M

16.48%$259.9M8.10%8.02%$47.5M7.90% $201.8MTotal Entertainment & Hobbies $4.4M

1.18%$18.6M1.18%1.19%$7.0M1.18% $29.3MEntertainment $657.0K

4.72%$74.5M4.57%4.95%$29.3M4.86% $113.7MAudio & Visual Equipment/Service $2.7M

0.30%$4.7M0.32%0.21%$1.2M0.20% $8.1MReading Materials $111.4K

1.96%$31.0M2.04%1.68%$9.9M1.66% $50.7MPets, Toys, & Hobbies $920.2K

8.31%$131.1M8.19%8.75%$51.8M8.98% $204.0MPersonal Items $5.0M

28.10%$443.2M27.72%29.07%$172.1M29.15% $690.2MTotal Food and Alcohol $16.2M

15.76%$248.6M15.09%18.21%$107.9M18.97% $375.9MFood At Home $10.5M

10.66%$168.1M10.85%9.58%$56.7M9.08% $270.3MFood Away From Home $5.0M

1.68%$26.5M1.77%1.28%$7.6M1.10% $44.0MAlcoholic Beverages $610.9K

14.32%$225.9M14.72%13.01%$77.1M12.93% $366.5MTotal Household $7.2M

2.22%$35.0M2.26%2.27%$13.4M2.96% $56.2MHouse Maintenance & Repair $1.6M

6.18%$97.5M6.27%5.77%$34.2M5.36% $156.2MHousehold Equip & Furnishings $3.0M

4.43%$69.8M4.56%3.96%$23.5M3.75% $113.5MHousehold Operations $2.1M

1.50%$23.6M1.63%1.01%$6.0M0.86% $40.5MHousing Costs $478.7K

Income & Spending Demographics1765 SW Ralph David Abernathy Blvd


23.25%$366.7M23.34%23.25%$137.7M23.09% $581.3MTotal Transportation/Maint. $12.8M

7.81%$123.1M8.04%7.70%$45.6M7.56% $200.2MVehicle Purchases $4.2M

9.19%$144.9M8.93%9.91%$58.7M10.35% $222.3MGasoline $5.7M

0.98%$15.4M1.00%0.94%$5.5M0.72% $24.9MVehicle Expenses $402.3K

2.24%$35.3M2.32%1.80%$10.7M1.47% $57.8MTransportation $815.2K

3.04%$48.0M3.05%2.90%$17.2M2.99% $76.1MAutomotive Repair & Maintenance $1.7M

4.32%$68.2M4.33%4.40%$26.0M4.80% $108.0MTotal Health Care $2.7M

2.19%$34.5M2.25%1.95%$11.5M2.03% $56.1MMedical Services $1.1M

1.62%$25.6M1.57%1.91%$11.3M2.19% $39.2MPrescription Drugs $1.2M

0.51%$8.1M0.51%0.55%$3.2M0.58% $12.6MMedical Supplies $320.7K

6.63%$104.5M6.99%5.56%$32.9M5.22% $174.1MTotal Education/Day Care $2.9M

4.61%$72.8M4.79%4.23%$25.1M4.11% $119.3MEducation $2.3M

2.01%$31.7M2.20%1.33%$7.9M1.11% $54.8MFees & Admissions $618.0K

9

AREA OVERVIEW

36.12018 Median Age

Atlanta

The local population is projected to exceed 6.3 million people during the next five years, after adding roughly 512,000 residents.

71Walk score

57Transit score

N/RPublic schools

Transit/MARTA

Vine City Station3 min ~ 1.0 miles away

Ashby Station3 min ~ 1.1 miles away

Civic Center Station6 min ~ 1.5 miles away

Five Points Station6 min ~ 1.6 miles away

Dome/GWCC/Phillips Arena/CNN Center5 min ~ 1.7 miles away

Education

Georgia State University4 min ~ 1.6 miles away

Morehouse College6 min ~ 2.0 miles away

Clark Atlanta University5 min ~ 2.0 miles away

Spelman College5 min ~ 2.0 miles away

Georgia Institute of Technology7 min ~ 2.3 miles away

10

Confidentiality and Disclaimer

The information contained in this marketing brochure is proprietary and strictly confidential, furnished solely for the purpose of review by a prospective purchaser of the subject property. The material is based in part upon information supplied and in part upon information obtained by Compass from sources it deems reasonably reliable. No warranty or representation, expressed or implied, is made by the owner, Compass, or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or any other written or oral communication transmitted to a prospective purchaser in the course of its evaluation of the Property. No legal liability is assumed or to be applied in connection with the information or such other communications. Without limiting the generality of the foregoing, the information shall not be deemed a representation of the state of affairs of the subject property or constitute an indication that there has been no change in the business or affairs of the subject property since the date of preparation of the information. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the site.

The Offering Memorandum was prepared by Compass. It contains select information pertaining to the subject property and does not purport to be all-inclusive or to contain all of the information which a prospective purchaser may desire. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and, therefore, are subject to material change or variation. An opportunity to inspect the subject property will be made available to qualified prospective purchasers.

In the Offering, certain documents and other materials are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents.

The Offering is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Compass or the owner. Each prospective purchaser is to rely upon its own investigation, evaluation, and judgment as to the advisability of purchasing the subject property described herein.

The owner and Compass expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offer to purchase the subject property and/or to terminate discussions with any party at any time with or without notice. The owner shall have no legal commitment or obligation to any interested party reviewing the Offering or making an offer to purchase the subject property unless a written agreement for the purchase of the subject property has been fully executed and delivered by the owner and such party and any conditions to the owner’s obligations thereunder have been satisfied or waived and then only to the extent expressly provided for therein. Compass is not authorized to make any representations or agreements on behalf of the owner.

Compass is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Compass, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Compass and is solely included for the purpose of providing tenant lessee information about this offering to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT ADRIAN PROVOST FOR DETAILS.

ralph david abernathy portfolio · 2019-07-12 · the highest incomes, so expect those areas to see...

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