News from JGRE

Volume 5, June 2014

Deal of the Issue: 763 Trabert Avenue: Reposition, Execution and Timing Makes For a Great Real Estate Story

Who doesn’t love a good real estate story? If the once popular A&E television series Flip This House ever did a commercial properties spin-off, then surely JGRE's repositioning, leasing execution and speed-to-market for 763-765 Trabert Ave. on the Westside of Atlanta would be in the feature presentation.  When JGRE decided to take on the listing back in 2010, the 40,000 sf warehouse/office/showroom property was highly leveraged, about to lose its anchor tenant, and had another large tenant facing financial problems.  The JGRE leasing team had the challenge of repositioning the building from a warehouse office building into a showroom loft office space, all without any real downtime and without breaking the bank.

Taking a hands-on approach, Alan Joel and Dave Smith quickly found a quality tenant for the warehouse portion – Peachtree Fabrics – whose showroom component presented an upscale image for the property and allowed for better traction in marketing the loft office portion.  They were then able to secure loft office tenants at higher rent rates on the main level, replace the financially strapped original tenant, and fully stabilize the property so it was ready for sale.  After waiting for the right time to put the property on the market, the building was sold in March 2014 for a notable profit.

Seller Bob Koors said he was thankful for all the "wonderful folks at Joel & Granot for providing such great support over the years.  We have had a great run with Trabert Avenue thanks to professionals at Joel & Granot."

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962 Howell Mill Road, NW Atlanta, GA 30318  |  phone (404) 869-2600  |  
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Commercial Real Estate Services, Atlanta, GA