Transwestern Brokering Sale of 103,477 SF Property with 0.46-Acre Outparcel
November 28, 2023
ATLANTA – Transwestern Real Estate Services (TRS) announces its Southeast Investment Sales team has been retained to sell 1599 Memorial Drive, a 103,477-square-foot retail plaza with a 0.46-acre outparcel in Atlanta. Transwestern Senior Managing Directors John Bell and Kevin Markwordt, CCIM are marketing the property for sale on behalf of the owner, Atlantic Retail Investments LLP.
“With a WALT of 9.8 years, the offering provides secure cash flow from the reputable, credit-rated tenancy, in addition to upside through leasing or selling the 0.46-acre outparcel,” said Bell.
This prime infill retail property is 100% long-term leased to prominent national tenants Floor & Décor (NYSE: FND) and Planet Fitness (NYSE: PLNT). Situated on rapidly developing Memorial Drive in Atlanta’s highly sought-after Kirkwood neighborhood, the retail center provides excellent visibility and accessibility from Interstate 20.
“The stretch of Memorial Drive from Cabbagetown to East Lake has experienced a remarkable surge in investment over the past decade,” said Markwordt. “This growth includes the emergence of popular mixed-use developments like Madison Yards and The Larkin, the sale of newly built townhomes priced at $600,000 and above, the repurposing of historic venues such as Atlanta Dairies, and an influx of diverse businesses.”
Strong submarket demographics support sustainable progress. Within three miles of the property, the population has grown by 12% to 147,700 residents over the past five years. Simultaneously, the average household income and home values have increased by 51% and 48%, respectively.
An image of the property is available for download here.
About Transwestern Real Estate Services
Part of the Transwestern companies, Transwestern Real Estate Services (TRS) strives to add value for investors, owners, and occupiers across all commercial property types. Fueled by a holistic perspective of the real estate life cycle, agility and creativity are hallmarks of our approach, while vast national resources and sound market intelligence underpin customized recommendations and property solutions.
Five dynamic, integrated companies make up the Transwestern enterprise, giving us the perspective to think broadly, deeply and creatively about commercial real estate. Clients and investors rely on us for expertise that spans institutional and opportunistic investment, development, hospitality, and brokerage and asset services. Our award-winning, collaborative culture empowers team members with resources and independence to work across boundaries in pursuit of innovative solutions, reinforcing a reputation for service excellence that translates to measurable results. Through offices nationwide and alliance partners around the globe, we positively impact the built environment and our communities while fostering a work climate that champions career vitality for all. Learn more at transwestern.com and @Transwestern.
Media Contact:
Jaime Luckey
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jaime@luckeycomms.com
twmediarelations@transwestern.com
