Tuesday, May 17, 2011
ATLANTA, GA (May 17, 2011) – Bull Realty said today it has listed for sale a high-profile 2.5-acre tract near the Fox Theatre in Midtown Atlanta for short sale. The property covers nearly an entire city block, nestled between Ponce De Leon Avenue, Piedmont Avenue, North Avenue and Juniper Street.
The property is entitled for 1.4 million square feet of mixed-use or commercial development. The lender expects to accept a short-sale offer for less than the loan balance and anticipates a quick, clean closing.
“The tract offers an incredible opportunity to create a major mixed-use or retail project in the city’s most-vibrant 24-hour district,” said Daniel Latshaw (bottom right photo), a partner at Bull Realty. “These types of tracts do not come to the market too often, so we expect a lot of interest.”
The property currently comprises three buildings totaling 75,000 square feet. Tenants such as Midtown Urology Center occupy two of the buildings, and the third building is vacant. SPI-16 zoning allows versatility for the incoming business models including office, retail, medical, hotel, multifamily, assisted living, or student housing.
In 2008 the property was appraised at $27.3 million. Currently the property is offered un-priced but the approximate loan balance is $11 million.
Bull Realty already has received offers from interested buyers. The deadline to submit an offer is 5 p.m. June 3. For more information, pictures, videos and maps visit the listing here.
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