Mixed-Use

Nazareth Plaza- Atlanta Redevelopment

585 Franklin Gateway SE, Marietta, GA 30067

Listing Price: $11,500,000

Cap Rate
5.17%
Gross SF
78,400
Rentable SF
78,400
Price/Gross SF
$146.68
Lot Size
6.30 acres
Year Built
1985

Investment Overview

Nazareth Plaza is a 78,400 square foot two story shopping center situated on 4.5 acres with an additional 1.8 acres included in a dense retail corridor with strong demographics on the north side of Atlanta. The center is located at 585 Franklin Gateway in Marietta, GA (Atlanta MSA) and is considered an infill location. The population in the area has grown 10% since 2000 and there are currently 226,395 people within a 5-mile radius with an average annual income of $86,088. The center is exposed to over 40,600 vehicles daily on the GA 120 Loop with excellent access, multiple points of egress, and direct access to I-75 one block to the east with close to 260,000 vehicles daily. It presents an investor the opportunity to reposition the center or redevelop it to a higher and better use. The property could be converted to mixed use, multifamily, senior living, medical, office, or any combination of uses. Most of the existing leases have short terms to accommodate potential redevelopment. The site is just 4 miles north of the Cumberland / Galleria submarket at the I-75 and I-285 interchange, home to the new Braves Stadium at Suntrust Park. This entire market has undergone tremendous high density growth over the last five years with continued expansion plans.

Although locatd I Cobb County, the subject property falls under The City Of Marietta jurisdiction whereby their Future Land Use Map has the property designated as a Regional Activity Center. The purpose of the RAC category is to provide for areas that can support high-intensity development, which serves a regional market. Typical land uses in these areas include high-rise office buildings, regional malls, varying densities of residential development, no defined height restrictions, and has access to major highways. Zoning approval will be Site Plan Specific with the City welcoming a high density redevlopment.

Investment Highlights

  • One Block West Of I-75 At The Lower 120 Loop
  • Designated Redevelopment Area In Dense, High Income Market
  • 5 Mile Population Of 226,395 With Average Income Of $86,088
  • 78,400 SF Center in Dense Atlanta Corridor
  • 6.3 Acres In Mariettas Regional Activity Center Future Land Use Plan

Exclusively Listed By

  • Tim Giambrone

    Senior Vice President Investments

    Email Tim

    License(s): GA: 265556

    Atlanta

  • Craig Johnson

    First Vice President Investments

    Email Craig

    License(s): GA: 240674

    Atlanta

Mixed-Use

Nazareth Plaza- Atlanta Redevelopment

Listing Price: $11,500,000

Cap Rate
5.17%
Gross SF
78,400
Rentable SF
78,400
Price/Gross SF
$146.68
Lot Size
6.30 acres
Year Built
1985

Investment Highlights

  • One Block West Of I-75 At The Lower 120 Loop
  • Designated Redevelopment Area In Dense, High Income Market
  • 5 Mile Population Of 226,395 With Average Income Of $86,088
  • 78,400 SF Center in Dense Atlanta Corridor
  • 6.3 Acres In Mariettas Regional Activity Center Future Land Use Plan

Investment Overview

Nazareth Plaza is a 78,400 square foot two story shopping center situated on 4.5 acres with an additional 1.8 acres included in a dense retail corridor with strong demographics on the north side of Atlanta. The center is located at 585 Franklin Gateway in Marietta, GA (Atlanta MSA) and is considered an infill location. The population in the area has grown 10% since 2000 and there are currently 226,395 people within a 5-mile radius with an average annual income of $86,088. The center is exposed to over 40,600 vehicles daily on the GA 120 Loop with excellent access, multiple points of egress, and direct access to I-75 one block to the east with close to 260,000 vehicles daily. It presents an investor the opportunity to reposition the center or redevelop it to a higher and better use. The property could be converted to mixed use, multifamily, senior living, medical, office, or any combination of uses. Most of the existing leases have short terms to accommodate potential redevelopment. The site is just 4 miles north of the Cumberland / Galleria submarket at the I-75 and I-285 interchange, home to the new Braves Stadium at Suntrust Park. This entire market has undergone tremendous high density growth over the last five years with continued expansion plans.

Although locatd I Cobb County, the subject property falls under The City Of Marietta jurisdiction whereby their Future Land Use Map has the property designated as a Regional Activity Center. The purpose of the RAC category is to provide for areas that can support high-intensity development, which serves a regional market. Typical land uses in these areas include high-rise office buildings, regional malls, varying densities of residential development, no defined height restrictions, and has access to major highways. Zoning approval will be Site Plan Specific with the City welcoming a high density redevlopment.

Exclusively Listed By

  • Tim Giambrone

    Senior Vice President Investments

    Email Tim

    License(s): GA: 265556

    Atlanta

  • Craig Johnson

    First Vice President Investments

    Email Craig

    License(s): GA: 240674

    Atlanta

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