Glenwood Park Retail 924,925, 928, 933 Garrett Street 475 Bill Kennedy Way 920 Glenwood Avenue a & B Atlanta, GA 30316 Table of Contents
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OFFERING MEMORANDUM Glenwood Park Retail 924,925, 928, 933 Garrett Street 475 Bill Kennedy Way 920 Glenwood Avenue A & B Atlanta, GA 30316 Table of Contents 01 EXECUTIVE SUMMARY 04 MARKET OVERVIEW Investment Highlights Atlanta, Georgia Investment Profile Demographics 02 PROperty OvervieW 05 FINANCIAL OvervieW Property Information Cash Flow Projections Property Aerial Projected Expenses Site Plan Pro-Forma Area Map 03 TENANT OvervieW Tenant Overviews Rent Roll CONtact SHEA MEDDIN ACKERMAN & CO. Vice President, Brokerage 10 Glenlake Parkway 770.913.3992 South Tower, Suite 1000 [email protected] 770.913.3900 | ackermanco.com INFORMATION NOT WARRANTED This Offering Memorandum and any subsequent evaluation material you may be THE OFFERING MEMORANDUM SHALL NOT BE DEEMED TO REPRESENT THAT provided (collectively known as the “Offering Memorandum”) is intended solely STATE OF AFFAIRS OF THE PROPERTY OR CONSTITUTE AN INDICATION THAT for your limited use in considering whether to pursue negotiations to acquire THERE HAS BEEN NO CHANGE IN THE BUSINESS OR AFFAIRS OF THE PROPERTY Glenwood Park Retail: 924,925, 928, 933 Garrett Street; 475 Bill Kennedy Way; SINCE THE DATE OF PREPARATION OF THE OFFERING MEMORANDUM. and 920 Glenwood Avenue A & B (the “Property”) located in Atlanta Georgia. The Property is being marketed for sale by Ackerman & Co. (“Broker”). The information provided in the Offering Memorandum has been gathered from sources that are deemed reliable, but the Broker does not warrant or represent The Offering Memorandum contains brief, selected information pertaining to that the information is true or correct. Prospective offerors are advised to verify the business and affairs of the Property and has been prepared by Broker. It information independently. The Offering Memorandum is not to be construed as does not, however, purport to be all-inclusive or to contain all of the information an offer or as any part of a contract to sell the property. that a prospective purchaser may desire. Broker makes no representation or warranty, express or implied, as to the accuracy or completeness of the Offering Furthermore, the inclusion or exclusion in the Offering Memorandum of Memorandum or any of its contents, and no legal liability is assumed to be information relating to asbestos or any other hazardous, toxic or dangerous implied with respect thereto. chemical item, waste or substance (hereinafter collectively referred to as “Waste”) relating to the Property shall in no way be construed as creating any warranties By acknowledgment of your receipt of the Offering Memorandum you agree that or representations, expressed or implied by the Broker as to the existence or the Offering Memorandum and its contents are confidential, that you will hold nonexistence or nature of Waste in, under or on the Property, it may create and treat it in the strictest of confidence, that you will not directly or indirectly significant legal and/or economic obligations upon the Owner, lessee and/or disclose, or permit anyone else to disclose, the Offering Memorandum or its other holders of interest in the Property or a part thereof and you are hereby contents to any other person, firm, or entity (including, without limitation, any advised to obtain professional assistance such as from a consultant, engineer principal for whom you have been engaged), without prior written authorization and/or attorney prior to taking an interest in the Property or a part thereof. of Owner or Broker and that you will not use or permit to be used the Offering Memorandum or its contents to be copied or used in any fashion or manner detrimental to the interest of Owner. Photocopy or other duplication is strictly prohibited. 01 EXECUTIVE SUMMARY I nvestment Highlights Investment Profile Glenwood Park Retail 01 Executive Summary Glenwood Park Retail 5 Ackerman & Co. is pleased to exclusively present for sale, Glenwood Park Retail, a 48,515 SF retail community located in Atlanta, Georgia. With 81.06% occupancy, Glenwood Park Retail provides an investor with stable cash flow from an impressive lineup of tenants in a strategic up and coming Atlanta location. Developed in 2003-2007, Glenwood Park is a mixed-use neighborhood on the east side of Atlanta, Georgia. Glenwood Park is approximately two miles east of downtown Atlanta, and adjacent to Interstate 20, Glenwood Park Retail between Ormewood Park and Grant Park. This incredible location Atlanta, Georgia 30318 offers extraordinarily easy access to downtown, midtown and the many exciting intown neighborhoods from the interstate system as well as an interconnected grid of city streets. This allows drivers to choose from a number of options depending on traffic conditions. MARTA buses INvestmeNT PROFILE stop literally at Glenwood Park’s doorstep and arrive downtown in 12 minutes. MARTA trains are within a pleasant walk or bike ride of about Square Footage: 48,515 SF a mile. The Atlanta Belt Line trolley and greenway trail system will run Offering Price: $11,306,656 ($233.05/SF) down Glenwood Park’s main street, with a proposed stop at its main corner. Glenwood Park is the winner of numerous development awards In-place Net Operating Income: $847,999 including the Urban Land Institute’s Development of the year in 2006. In-place Capitalization Rate: 7.50% Occupancy: 81.06% Investment Highlights Debt Structure: Market; offered free and clear Stable Cash Flow with rent escalations – With 81.06% occupancy Yes (see rent roll) Rent Escalations: and multi-year lease terms, this asset should continue to provide an Ownership: Condominium investor with stable cash flow. In addition, almost all of the tenants have annual base rental escalations and a double net rent structure. 01 Executive Summary Glenwood Park Retail 6 These escalations should provide a hedge against inflation and increase investor’s return. Offered Free and Clear of Debt – This investment is offered free and clear of debt, thus enabling an investor to take advantage of low market interest rates available on new debt. Limited Managerial Duties – All tenants have signed Double Net (NN) leases. This offering should require limited managerial work. Administration fees – All tenants currently pay a 9% administrative fee as part of CAM. All leases allow the Landlord to charge up to 15% for administrative fees. High End / New Construction – Built in 2003-2007, this property was built with the future in mind. Using high end construction including a 6” concrete slab between the 1st floor retail and 2nd floor residential to eliminate noise spillover and cast iron plumbing, no details were left behind when Glenwood Park was built. This property should continue to remain in great shape with minimal capital OvervieW OF INvestmeNT HIGHLIGHTS improvements required. Beltline – Glenwood Park is located directly adjacent to the Beltline and the Beltline Trolley is proposed Stabilized 48,515SF retail community with 81.06% occupancy to run down Glenwood Park’s main street with a stop at its main corner. Strong leasing activity with 9,191SF of available space Stable location located in the City of Atlanta Approximately 375 residential units located within the development and an additional 330 units across the street Popular Atlanta Restaurants include Gunshow, The Shed, Vickery’s and Tierra Mexicana Built-In annual rent increases Double Net (NN) lease structure for all tenants Situated directly adjacent to the Belt Line Award winning urban design development 01 Executive Summary Glenwood Park Retail 7 ABOUT GLENWOOD PARK Glenwood Park is surrounded by attractive historic neighborhoods that have been experiencing a strong renaissance in recent years. The neighborhood of Grant Park is immediately to the west, featuring Victorian and Craftsman homes on a grid of very attractive, tree-lined city streets. To the east and south is Ormewood Park, another beautiful historic neighborhood consisting of primarily single-family AWARDS / ACCOLADES homes. Slightly farther east is East Atlanta. To the north are more revitalizing historic neighborhoods in Reynoldstown and Cabbagetown. Then a bit farther north are the graceful old mansions of Inman Park, and the lively, funky shops and restaurants of Little Five Points. The neighborhood is a leading example of New Urbanism, promoting a sense of community with walkable National Public Radio feature streets and closely spaced residential units that are mixed in with office, retail, and green space. Glenwood ABC World News Tonight feature Park is on the BeltLine, a former rail line converted to a trail, with transit to be constructed in the future. Urban Land Institute, Development of the Year – 2006 History Pedestrians Educating Drivers on Safety, Golden Shoe Award – 2005 Glenwood Park was founded in 2003 as a model community featuring environmental sustainability and Atlanta Regional Commission, New Urban design. Glenwood Park started life as an abandoned 28-acre brownfield site, 85% of which Development of Excellence Award – 2005 was covered by impervious concrete surfaces that supported no trees and from which stormwater run- Greater Atlanta Home Builders Association, Community of the Year – 2004 off was out of control. However, located beside a major Interstate and within 2 miles of downtown Atlanta, the site was ideal for a sensible, Smart Growth, urban in-fill development. Its unique, award EarthCraft House, Development of the Year – 2005 winning urban design and high quality architecture have attracted a wonderful community of residents Creative Loafing