CVS and Publix-Anchored Retail Shopping Center in Atlanta Sold

Atlanta, Georgia - We have Net Lease Properties news from a very scenic area of Atlanta. A net leased property sold in a northern Atlanta suburban area. This area near Ashford-Dunwoody Road and Johnson Ferry Road NE is more of a higher grounds zone with many voluptuous trees. This is not an area that is flat land and tame.

The net leased property that sold is the retail shopping center known as Oglethorpe Crossing. The net leased, Oglethorpe Crossing is approximately 58,426 square feet of leasing space. This Publix-anchored and CVS Pharmacy anchored retail shopping center is situated in the Brookhaven neighborhood, near upscale Buckhead.

The net leased property seller was REES 52 LLC of Atlanta, Georgia. The retail shopping center Oglethorpe Crossing is located in the northwest quadrant of DeKalb County. If you have researched the Atlanta area, there are 4 main counties dividing the Atlanta area. DeKalb County is currently the third-largest county in Georgia and has obtained a population growth by more than 24% in the past eleven years. This net leased property has strong anchor sales supporting the Tenants. The average household Income in this immediate trade area exceeds $121,500. This net lease property has an attractive track record as the Property has been at or near 99% occupancy since it was built, in 1997.

This Publix-Anchored retail shopping center with a CVS Pharmacy was marketed as a 6% Cap rate but we are not aware of the sales price at closing. This net leased property is in the Atlanta Metropolitan Statistical Area (MSA). As we see that some NNN Commercial Real Estate analysts have called Atlanta, an over-built area, there are some signs of growth. As far as Atlanta is concerned, net leased tenants such as Race Trac gas stations, Quizno’s fast food and Family Dollar have suggested they will have aggressive expansion plans for this year. This retail shopping center transaction includes a 6,900 square foot outparcel to possibly reel in a new net lease property Tenant.

Olgethorpe Crossing is situated at a main suburban Atlanta intersection, at Johnson Ferry Road and Ashford Dunwoody Road. The net leased property benefits from the two primary commuter roads in this affluent Brookhaven neighborhood. The Net Leased Property is right in a densely populated community with beautiful neighborhood homes priced from $600,000 to $2,400,000 million.

The net leased investment buyer was unnamed Atlanta-based private equity group. This Atlanta-based private equity group will benefit from this desirable location. The retail shopping center is at 3435 Ashford-Dunwoody Road. Some of the net leased Tenants have a Johnson Ferry Road NE address with convenient access from both Johnson Ferry Road and the winding Ashford Dunwoody Road.

Oglethorpe Crossing, with Publix and CVS Pharmacy will also prosper with an expected growth in this affluent area. Recent reports have that over the next five years, the population is expected to grow by more than 10% to approximately 5.2 million residents. This was a former Hollywood Video net lease site and now also has a SunTrust Bank. The net leased property has slightly over 300 parking spots. This Premier Buckhead / Brookhaven retail shopping center has the Publix Grocery anchor with approximately 17 years remaining on the current ground lease.

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Georgia Net Leased Medical Office Building Sold

Atlanta, Georgia - Our Net Lease Properties news is on the Medical Office Buildings (MOB) sector of commercial real estate. A net leased property that was a medical office building REO sold for $10,100,000. The net leased property is the Marietta Medical Center. This MOB Net leased property is located at 790 Church St. in Marietta, Georgia. Marietta is one of metro Atlanta's largest suburbs with some affluent neighborhoods. A Joint Venture (JV) bought this net leased property from a Credit Union.

This joint venture (JV) was made up of a local Atlanta-based commercial real estate company, Ackerman & Co. and the Boston-based Marcus Partners. The Net Leased Property seller was the State Farm Federal Credit Union. The net leased property sold for $10,100,000, which equates to about $104 per square-foot. The joint venture is called Marietta Medical Center LLC, for the acquisition of this net leased property.

The (MOB) net leased property was built in 1989, and had renovations completed in 2002. New renovations are planned to help increase the net operating income (NOI). The net leased property is situated on approximately 4.9-acres of commercial zoned land that is rectangular shaped. This net leased property is a five-story, well built concrete building. The net leased property is approximately 98,541 square-feet with the zip code of 30060, in Cobb County, Georgia.

This Georgia (MOB) medical office building is approximately 54% net leased. The buyers, Marietta Medical Center LLC are in belief with their local Atlanta net lease expertise that they will increase their occupancy. This net leased property was well designed with two-level entrances which are highlighted by a two-story atrium. This lush atrium overlooks an exterior patio area, which can enable the property to attract new tenants in the Medical profession. There is ample parking with a three-level parking deck that consists of over 410 parking spaces. This parking deck has access to the MOB on both the ground level and first floor.

The net leased property has advantages being less than five minutes from both I-75 and the revamped downtown Marietta Square. Interstate 75 is a major north-south highway which provides access to both Hartsfield International Airport and the Atlanta metropolitan area. This net leased property has an elevated position making it attractive to net leased tenants who enjoy its magnificent panoramic views of the surrounding areas. This Marietta area is prime for NNN Commercial Real Estate investments.

Global Investment House (Global) had owned this MOB back in 2006. Global Investment House had a strategy that was formulated to acquire these Medical Office Buildings for their investment property portfolio. The total value of the Net lease investment in 2006 was approximately $21 Million. However, Global Investment House had an equity position which was approximately $7.4 million.

The NNN Lease Investment owner in 2002 had started a comprehensive renovation that included the installation of a new chiller, the updating and reconfiguration of the lobby, the resealing the net lease property's windows, the replacement of half of the roof's surface and the resealing of the expansion joints in the parking deck.

The net leased property has an excellent location across the street from WellStar Kennestone Hospital. The WellStar Kennestone Hospital is a 493-bed regional hospital, which helps make this net lease investment very attractive. The Atlanta suburb hospital services a region of more than 600,523 people. The hospital's emergency room is ranked as the Georgia's busiest (ER) room. The WellStar Kennestone Hospital has been known to treat up to 100,000 patients or more.

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Streets of Buckhead Retail Property Changes Developers

Atlanta, Georgia - This afternoon our Net Lease Properties information is on a massive development that had stalled. This distinctive retail net leased property and mixed-use development is in Buckhead, the upscale suburb of Atlanta. The commercial real estate developer, OliverMcMillan has acquired The Streets of Buckhead. OliverMcMillan has plans for this to restart construction on this stalled mixed-use commercial real estate project. This retail net leased property development consists of six-blocks, and on eight-acres for development of a luxury mixed-use project. This Commercial Real Estate transaction is scheduled to close soon.

The commercial real estate development firm, OliverMcMillan, is from San Diego, California. The Commercial Real Estate Developer OliverMcMillan was brought in December to finish this project that will cost approximately $1.5 billion. This project "The Streets of Buckhead" was anticipated to be the Atlanta's answer to "Rodeo Drive”. The economic problems had brought a halt to this highly anticipated luxury retail commercial real estate development.

This commercial real estate development firm, OliverMcMillan, is well known for mixed-used developments. Apparently, financial backers on this project suggested OliverMcMillan to take over for the well-known Atlanta developer Ben Carter. Atlanta developer Ben Carter had a fantastic plan for "The Streets of Buckhead" and he started this retail, mixed-used development in 2006.

The financial backers believe the San Diego firm OliverMcMillan will bring in an influx of investment property financing. Atlanta developer Ben Carter and his team had put in hard work but the economy and financial crisis were too difficult to overcome.

The Streets of Buckhead is situated in the heart of Buckhead, which is already an area with outstanding triple net lease properties, and retail shopping centers. The Streets of Buckhead is not OliverMcMillan’s first rodeo. OliverMcMillan has developed plenty of mixed-use commercial real estate projects. OliverMcMillan has been developing commercial real estate for about 20-years. The CEO of OliverMcMillan, Dene Oliver, believes that "The Streets of Buckhead" is a prime example of transforming urban properties into extremely attractive retail and mixed-use property developments. OliverMcMillan plans for this project to be a special pedestrian-oriented mixed-used development which will coincide with the historic jewel community of Buckhead.

OliverMcMillan is approaching The Streets of Buckhead project as an opportunity to really shine. OliverMcMillan has been reported as promising to make this a Class A development in Buckhead, with high-end retail net leased space, and excellent restaurants and cafés. The Streets of Buckhead design plan will be tweaked to welcome people who want to live in of of two residential apartment / Condominium towers. To finish out the mixed-use property development, OliverMcMillan will boutique offices that can be net leased. This luxury shopping district in Buckhead (Atlanta) will be designed to be the envy of the South. Palm Beach's Worth Avenue may want to take note of the plans from the OliverMcMillan commercial real estate development firm.

OliverMcMillan has a reputation for success and creating award-winning commercial real estate developments. The OliverMcMillan firm purchased a 489-unit, 48-story project, in the later part of 2009. That project is situated in Honolulu, and is called Pacifica. When OliverMcMillan firm took over that project it was approximately 43% complete. OliverMcMillan restarted construction on that $300 million mixed-use property and then renewed a sales program in February of 2010. That Honolulu condominium project is currently about 84% sold, already topped out, and moving on to be completed in the Fall of 2011. The OliverMcMillan firm is currently working on more troubled commercial real estate developments in California. Those troubled commercial developments are located in San Francisco and San Diego.

The Streets of Buckhead will become an exclusive, luxury retail and mixed-use redevelopment. This retail development is being constructed in place of Atlanta's former Buckhead Village. This luxury retail development sits in the middle of Atlanta's affluent Buckhead community.

Here's what can be found within The Streets of Buckhead:
*Nearly 600,000 square feet of retail and restaurant space dedicated to internationally celebrated, iconic brands, including such sought-after names as Hermes, Oscar de la Renta, Brioni, jeweler Van Cleef & Arpels, Brunello Cucinelli and many more.
*Many of the world's finest restaurants such as Japonais, Delicatessen, Le Bilboquet, Chef Art Smith and many more.
*"Art on the Streets," an arts program that will display extraordinary works of contemporary artwork and sculpture in prominent locations throughout The Streets of Buckhead. This program started with artwork produced by Frank Stella, "K.3" (2007)
*Within a few miles and easily accessible from four major highways I-75, I-85, I-285 and the Georgia 400

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Triple Net Lease on Taco Bell

ATLANTA, Ga. - Commercial Real Estate agents from the Atlanta office of Marcus & Millichap have sold a Taco Bell. The Triple Net Lease - NNN- Taco Bell is located in Baxley, GA.

The Taco Bell, which is approximately 2,205 square feet, sold for $1,600,000.
The property was signed to a 20-year (NNN) Triple Net Lease with a multi - unit franchisee. This Taco Bell Triple Net Lease property sits as an out-parcel to a Wal-Mart Supercenter and is adjacent to several other national retailers such as Advance Auto and Aaron Rents. The buyer was a family trust out of California and purchased the property all-cash. The Taco Bell, net lease investment transaction closed on Monday, March 1, 2010.

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