137-Acre Suburban Atlanta Development Opportunity Purchased for $20 Million
DULUTH, Ga., Feb. 24, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of the Chattahoochee Riverfront Property, a 148-plus-acre parcel with 100 acres of developable land in Duluth, Georgia. The site sold for $20 million or $145,985 per acre.
“The acquisition gives the buyer an opportunity to masterplan a large tract of land in one of the state’s fastest-growing areas,” said Jenny Wesselmann of Marcus & Millichap’s Atlanta office. “Duluth’s population grew 25.76% from 2000 to 2014 and it is estimated that the population will increase an additional 36% through 2035.” Jenny Wesselmann and Michael Wesselmann represented the seller and Marcus & Millichap’s Bob Johnson, Paul Johnson, and William Bumgarner procured the buyer. “The site is the perfect location for single-family home and/or multifamily development,” added Paul Johnson. Directly accessible from Peachtree Industrial Boulevard and minutes from Interstate 85 in Duluth, the site contains 3,750 feet of frontage along the Chattahoochee River. The property is currently occupied by The Hooch Golf Club and the Peachtree Golf Center.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.