Bull Realty brokered the sale of a $5.5 million retail portfolio in the Grant Park neighborhood of Atlanta, GA.
The portfolio consisted of three fully leased properties totaling approximately 20,950 SF located at 415 Memorial Drive, 421 Memorial Drive and 304 Oakland Ave. The transaction closed on January 4, 2017 for $5.5 million at a 7% cap rate.
The portfolio was exclusively listed by Andy Lundsberg, Partner at Bull Realty.
Tenants include Tin Lizzy’s, Ria’s Bluebird Cafe, Java Cat, Express Cleaners, My Friend’s Growler Shop, Mezcalito’s, and House of Blended Ink (HOBI) Studios. The properties are located across the street from the Historic Oakland Cemetery and are surrounded by several new mixed use residential developments, such as The Leonard, Oakland Park and The Jane.
“Those not familiar with in-town Atlanta today, may remember Memorial Drive and nearby Old Fourth Ward as rough areas, but these areas have really revitalized and have become the hottest part of town at the forefront of redevelopment in the city,” said Lundsberg.
The sellers were Hangar LLC and White Front LLC. The buyer was Graveyard Retail LLC.