Saturday, December 8, 2012

Bull Realty Arranges $1.8 Million Sale of 22,000-Square-Foot Grasslands Plaza in Northern Metro Atlanta, GA

Grasslands  Plaza Retail Center, Atlanta, GA
 ALPHARETTA, GA. – Bull Realty has negotiated the $1.8 million sale of the more-than-22,000-square-foot Grasslands Plaza Retail Center.

Located at 5620 Commerce Boulevard in Alpharetta, Ga., the foreclosed property and three acres of vacant land were sold by PNC Bank to TAC GrassLands LLC, a regional equity group.

 Rob Whitmire, Bull Realty partner and senior vice president with the firm’s Special Asset Services division, and Bob Kane, vice president in Bull’s National Retail Group, represented the bank in the disposition and were the only brokers involved in the transaction.

Rob Whitmire
“Using aggressive marketing techniques, Bull Realty created substantial competition for this property, allowing the seller to net greater returns,” Whitmire said. “We had 10 solid offers immediately upon taking the asset to market.”

 Kane added, “This transaction supports the trend of investor interest in unanchored retail strip centers with income in place (this center features approximately $128,000 in net operating income) and the opportunity to lease up for considerable returns.”

Grasslands Plaza was built in 2008 and is currently 69.7 percent occupied. Its tenants include Curves, Dollar Tree, Moe’s Southwest Grill and AT&T Cellular. The vacant parcels are approximately 1.32 and 1.73 acres. The plaza and the vacant lots are outparcels to a Wal-Mart Supercenter.

Bob Kane
Traffic counts on nearby Highway 9, the main commercial artery in Alpharetta, exceed 19,000 vehicles per day. A wide variety of local and national retailers, including Kroger, CVS/pharmacy, Blockbuster, Advance Auto Parts, SunTrust, Wachovia, McDonald’s, Burger King, Sonic, Papa Johns, Subway, Great Clips, GNC and Metro PCS, are located within one mile of the property.

 Bull Realty Inc. is a full-service commercial real estate brokerage firm providing investment sales services throughout the nation and corporate services in the Southeast. The firm was founded 15 years ago with two primary missions: 1) to provide a company of stellar integrity and reputation, and 2) to provide the best commercial real estate marketing in the nation.
For a complete copy of the company’s news release, please contact:

Stephen Ursery
The Wilbert Group
Office: (404) 965-5026
Cell: (404) 405-2354

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