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Office

The Guaranty Trust Building

1125 Atlantic Ave, Atlantic City, NJ 08401

Listing Price: $6,000,000

Cap Rate
6.66%
Gross SF
107,000
Rentable SF
93,055
Price/Gross SF
$56.07
Lot Size
1.13 acres
Year Built
1931

Investment Overview

Marcus & Millichap has been exclusively retained to market for sale The Guaranty Trust Building (the "Property"). The Property is located at 1125 Atlantic Avenue in the heart of Atlantic City, New Jersey, where a wave of growth and economic diversification has marked recent years. It is zoned CBD and is located in the Qualified Opportunity Zone. Just steps from the Atlantic County Civil Courts Building, City Hall, and a 100,000+ square foot county office building, the Property benefits from government/municipal presence and has historically attracted numerous tenants in the legal field. Currently, the Property is anchored by Cooper Levenson April Needleman (“Cooper Levenson”), a law firm with offices in Nevada, New Jersey, Delaware, and Florida that is a dominant figure in the practice of gaming law. Cooper Levenson has occupied the Property since 1989 and currently leases 41,032 of the 93,055 rentable square feet of the building with a lease through July 2028. They occupy the entirety of the second and third floors, and a majority of the fourth. The remainder of the building are leased to twenty-nine tenants. Of which, twenty-four occupy spaces smaller than 1,000 square feet. Though these tenants occupy smaller spaces on shorter term (less than three year) leases, there is a strong history of tenant retention in these spaces. Twelve of the twenty-nine tenants have occupied the building for more than five years and five have occupied the building for more than ten years. Approximately fifty six percent of the rentable area is occupied by tenants with Base Year lease structures. The property is currently 68.19% occupied. Though the Property has a longstanding history as a multitenant office building, its layout and QOZ designation make it an ideal candidate for future adaptive reuse into apartments. Given recent economic progress and lack of new residential development, apartment leasing is exceedingly robust in Atlantic City. The Property is available for sale as part of a package for $12,000,000 that includes 1301 Atlantic Avenue as well as the parking lot at 25 N South Carolina Avenue. It is available individually for $6,000,000. Detailed financial information on the Property is available upon request.

Investment Highlights

  • Value-Add Opportunity Through Lease-Up or Redevelopment
  • Centrally Located in Midtown Within Walking Distance to Beach, Boardwalk, and Other Entertainment
  • Immediately Across the Street From Atlantic City Civil Court and One Block From City Hall
  • Located on Hard Corner at Signalized Intersection on Primary Commercial Corridor

Exclusively Listed By

Broker of Record

  • John Horowitz

    First Vice President/ Division Manager

    (201) 742-6100

    License(s) NJ: 2192359

    New Jersey

Financing By

Office

The Guaranty Trust Building

Listing Price: $6,000,000

Cap Rate
6.66%
Gross SF
107,000
Rentable SF
93,055
Price/Gross SF
$56.07
Lot Size
1.13 acres
Year Built
1931

Investment Highlights

  • Value-Add Opportunity Through Lease-Up or Redevelopment
  • Centrally Located in Midtown Within Walking Distance to Beach, Boardwalk, and Other Entertainment
  • Immediately Across the Street From Atlantic City Civil Court and One Block From City Hall
  • Located on Hard Corner at Signalized Intersection on Primary Commercial Corridor

Investment Overview

Marcus & Millichap has been exclusively retained to market for sale The Guaranty Trust Building (the "Property"). The Property is located at 1125 Atlantic Avenue in the heart of Atlantic City, New Jersey, where a wave of growth and economic diversification has marked recent years. It is zoned CBD and is located in the Qualified Opportunity Zone. Just steps from the Atlantic County Civil Courts Building, City Hall, and a 100,000+ square foot county office building, the Property benefits from government/municipal presence and has historically attracted numerous tenants in the legal field. Currently, the Property is anchored by Cooper Levenson April Needleman (“Cooper Levenson”), a law firm with offices in Nevada, New Jersey, Delaware, and Florida that is a dominant figure in the practice of gaming law. Cooper Levenson has occupied the Property since 1989 and currently leases 41,032 of the 93,055 rentable square feet of the building with a lease through July 2028. They occupy the entirety of the second and third floors, and a majority of the fourth. The remainder of the building are leased to twenty-nine tenants. Of which, twenty-four occupy spaces smaller than 1,000 square feet. Though these tenants occupy smaller spaces on shorter term (less than three year) leases, there is a strong history of tenant retention in these spaces. Twelve of the twenty-nine tenants have occupied the building for more than five years and five have occupied the building for more than ten years. Approximately fifty six percent of the rentable area is occupied by tenants with Base Year lease structures. The property is currently 68.19% occupied. Though the Property has a longstanding history as a multitenant office building, its layout and QOZ designation make it an ideal candidate for future adaptive reuse into apartments. Given recent economic progress and lack of new residential development, apartment leasing is exceedingly robust in Atlantic City. The Property is available for sale as part of a package for $12,000,000 that includes 1301 Atlantic Avenue as well as the parking lot at 25 N South Carolina Avenue. It is available individually for $6,000,000. Detailed financial information on the Property is available upon request.

Exclusively Listed By

Broker of Record

  • John Horowitz

    First Vice President/ Division Manager

    (201) 742-6100

    License(s): NJ: 2192359

    New Jersey

Financing By

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