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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