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| 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.
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| 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.
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| 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
E-mail: sursery@wnspr.com
Office: (404) 965-5026
Cell: (404) 405-2354
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