Transwestern Real Estate Services’ Southeast Investment Sales team has been retained to sell 1599 Memorial Drive, a 103,477-square-foot retail plaza with a 0.46-acre out parcel in Atlanta. Transwestern Senior Managing Directors John Bell and Kevin Markwordt, CCIMare 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 out parcel,” 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.
