Offering Memorandum BUCKHEAD FREESTANDING BRICK OFFICE BUILDING - PURCHASE OR LEASE
TABLE OF CONTENTS DISCLAIMER & LIMITING CONDITIONS 3 EXECUTIVE SUMMARY 4 PROPERTY OVERVIEW 5 ADDITIONAL PHOTOS 6 IN THE AREA 11 RETAILER MAP 13 TAX PARCEL 14 Michael Bull, CCIM President, National Office Group Michael@BullRealty.com 404-876-1640 x101 50 Glenlake Parkway, Suite 600 Atlanta, GA 30328 BullRealty.com SURVEY 15 FLOOR PLAN 16 SALE COMPS MAP 18 SALE COMPS 19 RENT COMPS MAP 21 RENT COMPS 22 DEMOGRAPHICS MAP 24 ABOUT THE AREA 25 BROKER PROFILE 26 TEAM PROFILE 27 Exclusively listed by Bull Realty, Inc. Page 2 of 27
DISCLAIMER & LIMITING CONDITIONS Bull Realty has been retained as the exclusive listing broker to arrange the sale of the Subject Property. This Offering Memorandum contains selected information pertaining to the Property but does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may require. All financial projections are provided for general reference purposes only and are based upon assumptions relating to the general economy, competition and other factors, which therefore, are subject to material change or variation. Prospective purchasers may not rely upon the financial projections, as they are illustrative only. An opportunity to inspect the Property will be made available to qualified prospective purchasers. In this Offering Memorandum, certain documents, including financial information, are described in summary form and do not purport to be complete or accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to review independently all documents. This Offering Memorandum is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Bull Realty Inc. or the current Owner/Seller. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein. Owner/Seller expressly reserve the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Owner/Seller shall have no legal commitment or obligation to any purchaser reviewing this Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered and approved by the Owner/Seller and any conditions to the purchaser's obligations therein have been satisfied or waived. The Seller reserves the right to move forward with an acceptable offer prior to the call for offers deadline. This Offering Memorandum may be used only by parties approved by the Owner. The Property is privately offered, and by accepting this Offering Memorandum, the party in possession hereof agrees (i) to return it if requested and (ii) that this Offering Memorandum and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Bull Realty, Inc. or Owner/Seller. The terms and conditions set forth above apply to this Offering Memorandum in its entirety and all documents, disks and other information provided in connection therewith. Page 3 of 27
EXECUTIVE SUMMARY East Paces Ferry Road Entrance This 6,608 SF office building is well located in the heart of Buckhead. Zoned C3, the previous tenant was a plastic surgeon making this space great for any medical, healthcare, dentist or high exposure office use. The site has 15 parking spaces and sits on a ±10,454 SF site. The building has excellent visibility and demographics as well as a high walk score of 92 making it ideal for those wishing to take advantage of the surrounding amenities. The Shops Buckead Atlanta hosts many popular dining options including The Capital Grille, Corso Coffee, Shake Shack, Gypsy Kitchen and many luxury fashion houses including Tom Ford, Hermes and Jimmy Choo. Buckhead Avenue Entrance For sale or lease Current buildout ideal for healthcare Last tenant - Center for Plastic Surgery Excellent visibility and demographics 6,608 SF on 2 walk-in levels (±3,304 SF each) 15 parking spaces ±10,454 SF site zoned C-3 Walk score - walkers paradise 92 Surrounded by new development and popular retail Offered vacant and "as is" Offered for sale at $2,500,000 or for lease at $37/SF NNN Page 4 of 27
PROPERTY OVERVIEW Address: 365 East Paces Ferry Road, Atlanta, GA 30305 County: Fulton Building Size: 6,608 SF Site Size: ±10,454 SF Zoning: C-3 Number of Levels: 2 2016 Taxes & Insurance: $16,205 + $1,137= $17,342 or $1,445.17/month Sale Price: $2,500,000 Lease Rate: $37/SF NNN or $20,374.67/month base rent Possible to Subdivide: Lease each level separately (±3,304 SF each) Page 5 of 27
ADDITIONAL PHOTOS East Paces Ferry Road Entrance Front Courtyard East Paces Ferry Road Main Entry Buckhead Avenue Entrance Page 6 of 27
ADDITIONAL PHOTOS East Paces Ferry Road Entrance Lobby East Paces Ferry Entrance Hallway Office Page 7 of 27
ADDITIONAL PHOTOS Exam Rooms Are Fully Equipped Furnished Offices Operating Room Operating Room Page 8 of 27
ADDITIONAL PHOTOS East Paces Ferry Road Reception Area Recovery Room Office Buckhead Avenue Reception Area Office Surgery/Cleanup Page 9 of 27
ADDITIONAL PHOTOS Fully Equipped Exam Rooms Patient Bathrooms Men & Women Showers & Locker Rooms Page 10 of 27
IN THE AREA Page 11 of 27
IN THE AREA 1 THE SHOPS BUCKHEAD ATLANTA Sophisticated travelers from around the world visit The Shops Buckhead Atlanta to experience this distinctive outdoor shopping and dining district. Showcasing a curated collection of more than 50 fashionable retail shops, restaurants and cafes set amidst 6 beautifully landscaped streets. The $1 billion mixed-use project opened in late 2015. 371 EAST PACES FERRY Adjacent to the subject property is 371 East Paces Ferry, a new 120,000 SF Class A medical office building located in the heart of Buckhead Village. Set to open in Spring 2018, this upscale healthcare hub will serve the fast-growing Buckhead population as well as the surrounding neighborhoods. 371 East Paces Ferry will provide medical practitioners with state of the art offices and on-site amenities, all within walking distance of everything Buckhead Village area has to offer. 4 2 LENOX SQUARE Since 1959, Lenox Square has been the premier shopping destination throughout the Southeast. Located in the heart of Buckhead, Lenox Square offers an unparalleled shopping experience featuring local and luxury brands. The property hosts popular Buckhead restaurants True Food Kitchen, The Cheesecake Factory and Zinburger Wine & Burger Bar. It is owned and managed by Simon Property Group. 359 EAST PACES Adjacent to the subject property, and admired for its high-powered, boutique-style office spaces, 359 East Paces beckons the ultimate intown lifestyle for both small and large businesses. Distinctively located next to The Shops Buckhead Atlanta, the city's most elite host for dining, shopping and entertainment, this building boats highly-efficient spaces and performance-driven services designed for the way people work and live today. 359 Paces features up to 100,000 SF of boutique-style office space with efficient 25,000 SF high-performance floor plates. 5 PHIPPS PLAZA 3 6 Phipps Plaza, the southeast's premier, upscale shopping destination is located off of GA 400 at the intersection of Peachtree and Lenox Roads right in the heart of Buckhead with quick and convenient access to Midtown and Downtown Atlanta. The property boasts 100+ stores and restaurants including LEGOLAND and a 14-screen AMC movie theater. It is owned and managed by Simon Property Group. GABLES BUCKHEAD This two tower, 14-story, mixed-use development will host 327 apartments, townhomes and ±3,000 SF of commercial space. The high rise will sit along Maple Drive and will also have an entrance on East Paces Ferry Road just down the road from the subject property. Page 12 of 27
RETAILER MAP Page 13 of 27
TAX PARCEL Page 14 of 27
SURVEY Page 15 of 27
FLOOR PLAN - 1ST FLOOR Page 16 of 27
FLOOR PLAN - GROUND FLOOR Page 17 of 27
SALE COMPS MAP SUBJECT PROPERTY Address City Size Sold Date Sale Price Price/SF 365 East Paces Ferry Road Atlanta 6,608 SF - $2,500,000 $378.33 SALES COMPS Address City Size Sold Date Sale Price Price/SF 1 2956 Hardman Court Atlanta 2,276 SF 04/27/2016 $800,000 $351.49 2 2926 Piedmont Road Atlanta 2,502 SF 09/28/2016 $950,000 $379.70 3 2878 NE Piedmont Road Atlanta 2,000 SF 06/01/2016 $625,000 $312.50 4 315 East Paces Ferry Road Atlanta 6,195 SF 08/01/2016 $2,300,000 $371.27 5 3090 Early Street Atlanta 4,520 SF 10/01/2015 $3,457,000 $764.82 Page 18 of 27
SALE COMPS SUBJECT PROPERTY 365 East Paces Ferry Road Atlanta, GA 30305 1 2956 Hardman Court Atlanta, GA 30305 Sale Price: $2,500,000 Sale Price: $800,000 Site Size: 0.0 AC Building SF: 2,276 SF Building SF: 6,608 SF Price PSF: $351.49 Price PSF: $378.33 Closed: 04/27/2016 2 3 2926 Piedmont Road Atlanta, GA 30305 2878 NE Piedmont Road Atlanta, GA 30305 Sale Price: $950,000 Sale Price: $625,000 Building SF: 2,502 SF Building SF: 2,000 SF Price PSF: $379.70 Price PSF: $312.50 Closed: 09/28/2016 Closed: 06/01/2016 Page 19 of 27
SALE COMPS 4 5 315 East Paces Ferry Road Atlanta, GA 30305 3090 Early Street Atlanta, GA 30305 Sale Price: $2,300,000 Sale Price: $3,457,000 Building SF: 6,195 SF Building SF: 4,520 SF Price PSF: $371.27 Price PSF: $764.82 Closed: 08/01/2016 Closed: 10/01/2015 Page 20 of 27
RENT COMPS MAP SUBJECT PROPERTY 365 East Paces Ferry Road Atlanta, GA 30305 1 371 East Paces Ferry Road Atlanta, GA 30305 2 305 Pharr Road NE Atlanta, GA 30305 3 2955 Peachtree Road NE Atlanta, GA 30305 4 2549 Piedmont Road NE Atlanta, GA 30324 5 2549 Piedmont Road NE Atlanta, GA 30324 6 324 East Paces Ferry Road Atlanta, GA 30305 Page 21 of 27
RENT COMPS SUBJECT PROPERTY 365 East Paces Ferry Road Atlanta, GA 30305 1 371 EAST PACES FERRY ROAD 371 East Paces Ferry Road Atlanta, GA 30305 Lease Rate: Lease Type: Space Size: Bldg Size: $37.00 SF/YR NNN 6,608 SF 6,608 SF Lease Rate: Lease Type: Space Size: Bldg Size: $37.00 SF/YR NNN 118,099 SF 129,099 SF Site Size: 0.0 AC 2 305 PHARR ROAD NE 3 2955 PEACHTREE ROAD NE 305 Pharr Road NE Atlanta, GA 30305 2955 Peachtree Road NE Atlanta, GA 30305 Lease Rate: $40.00 SF/YR Lease Rate: $43.00 SF/YR Lease Type: MG Lease Type: NNN Space Size: 1,100 SF Space Size: 1,204 SF Bldg Size: 1,300 SF Bldg Size: 12,000 SF Page 22 of 27
RENT COMPS 4 2549 PIEDMONT ROAD NE 5 2549 PIEDMONT ROAD NE 2549 Piedmont Road NE Atlanta, GA 30324 2549 Piedmont Road NE Atlanta, GA 30324 Lease Rate: $45.00 SF/YR Lease Rate: $42.00 SF/YR Lease Type: NNN Lease Type: NNN Space Size: 2,185 SF Space Size: 1,878 SF Bldg Size: 4,638 SF Bldg Size: 4,638 SF 6 324 EAST PACES FERRY ROAD 324 East Paces Ferry Road Atlanta, GA 30305 Lease Rate: Lease Type: Space Size: Bldg Size: $35.00 SF/YR MG 1,760 SF 3,115 SF Page 23 of 27
DEMOGRAPHICS MAP 1 Mile 3 Miles 5 Miles Total Population 15,554 105,105 293,897 Population Density 4,951 3,717 3,742 Median Age 38.7 36.2 34.2 Median Age (Male) 38.3 36.5 34.5 Median Age (Female) 39.8 36.3 34.1 Total Households 9,127 54,074 136,115 # of Persons Per HH 1.7 1.9 2.2 Average HH Income $103,451 $119,460 $112,280 Average House Value $470,756 $506,276 $493,172 * Demographic data derived from 2010 US Census Page 24 of 27
ABOUT THE AREA BUCKHEAD Buckhead is an affluent uptown district of Atlanta, Fulton County, Georgia, comprising approximately the northern fifth of the city. Buckhead is a major commercial and financial center of the Southeast, and it is the third-largest business district in Atlanta, behind Downtown and Midtown. The district's highrise office buildings, hotels, and condominiums form a highly urbanized core along Peachtree Road. Surrounding this dense core are Buckhead's residential neighborhoods, which feature large single-family homes situated among dense forests and rolling hills. At the heart of Buckhead around the intersections of Lenox, Peachtree and Piedmont Roads, is a shopping district with more than 1,500 retail units where shoppers spend more than $2.6 billion a year. In addition, Buckhead contains the highest concentration of upscale boutiques in the United States. The majority are located at Lenox Square and Phipps Plaza, sister regional malls located diagonally across from each other at the intersection of Peachtree and Lenox Roads. This commercial core also has a concentration of "big-box" retailers. The "Buckhead Atlanta" mixed use development originally aimed to bring even more exclusive boutiques, restaurants, hotels, condos and office space to Buckhead. The Alhambra, historic apartments in the Garden Hills neighborhood Buckhead is also a center for healthcare, and is home both to Piedmont Hospital and the private, catastrophic care hospital Shepherd Center which specializes in spinal cord injury and acquired brain injury. Page 25 of 27
BROKER PROFILE MICHAEL BULL, CCIM President, National Office Group Professional Background Michael Bull, CCIM is a commercial real estate advisor, broker, trainer, writer, author, speaker and radio show host. He has closed over 5 billion dollars of sale and lease transactions over his 30 year career. Mr. Bull s articles have been published nationwide including in the National Real Estate Investor, France Media Publications, Atlanta Journal Constitution, Atlanta Business Chronicle, Multi-Housing News, Shopping Center Business and Nation s Restaurant News. Michael is executive producer and host of America's Commercial Real Estate Show. The popular weekly one hour show began broadcasting in 2010 and today is heard by millions of people around the country. Respected industry analysts and leading market participants join Michael to share market intelligence, forecasts and success strategies. The show is available on radio stations and on any device, anytime on itunes, YouTube and the show website, www.creshow.com. Michael also produces a video series answering a new commercial real estate related question each business day. Videos are available at www.creshow.com/answers. Bull Realty Inc. 50 Glenlake Parkway, Suite 600 Atlanta, GA 30328 404-876-1640 x101 Michael@BullRealty.com Mr. Bull founded Bull Realty in 1998 with two primary missions: to provide a company of brokers known for integrity, and to provide the best disposition marketing in the nation. Michael and his brokers provide expert advice and capital markets expertise related to office, retail, industrial, land, apartments, single tenant net lease investment properties, healthcare real estate, senior housing and other specialties. Michael s involvement with professional organizations include CCIM Member, National Association of REALTORS, the International Council of Shopping Centers, the Real Estate Brokerage Managers Council, Atlanta Leaders Group, Real Estate Group of Atlanta, the Georgia Bankers Association, the Atlanta Press Club, the Atlanta Chamber of Commerce, the Georgia Real Estate Educators Association and the National Association of Real Estate Editors. Michael lives in the Chastain Park area of Atlanta and enjoys spending time with his family, music, basketball and performance boating. Bull Realty is a commercial real estate sales, leasing and advisory firm headquartered in Atlanta and licensed in nine Southeast states. The firm was founded in 1998 with two primary missions: to provide a company of advisors known for their integrity and to provide the best disposition marketing in the nation. Client services include disposition, acquisition, project leasing, tenant representation, asset management and consulting services. Advisors focus on specific property types including office, retail, industrial, multifamily, land, healthcare, senior housing, self-storage, automotive, hospitality and single tenant net lease properties. The firm produces America's Commercial Real Estate Show, a national video show and podcast enjoyed by millions of people around the country. Industry analysts, leading market participants and the firm's founder Michael Bull share market intelligence, forecasts and success strategies. The show has aired every week since 2010 on itunes, YouTube and www.creshow.com. The firm also produces Atlanta's Commercial Real Estate Show available on AtlCREshow.com Page 26 of 27
TEAM PROFILE Aubri Lienemann Marketing Jude Sullivan Marketing Scott Jackson Scott Jackson Analyst Michael Bull, CCIM President, National Office Group Michael@BullRealty.com 404-876-1640 x101 Page 27 of 27