Metro Atlanta Retail Property Occupied by Target and Taco Bell Trades for $19.7M
Thursday, March 26th, 2020
Transwestern Real Estate Services (TRE) announces its Southeast Investment Services Group executed the sale of two single-tenant properties on North Druid Hills Road at Briarcliff Road in metro Atlanta. Stockbridge Capital Group purchased the adjoining parcels occupied by a 154,000-square-foot Target and 2,272-square-foot Taco Bell for $19.7 million. Transwestern Vice President Fred Victor and Managing Director Jon Kleinberg represented the seller, Scarlett & Associates, in the transaction.
“This was a unique opportunity to invest in two highly rated brands in a phenomenal location with secure cash flow,” said Victor. “Target and Taco Bell are well-established, strong companies with the corporate strength to thrive in the long term.”
The 13.86-acre property is ideally situated within a half-mile of two of Atlanta’s largest hospital systems, Emory Healthcare and Children’s Healthcare of Atlanta (CHOA). Emory’s 60-acre campus is home to the recently opened, 90,000-square-foot Emory Sports Medicine Complex, the official training and practice facility of the Atlanta Hawks. Future development at the campus will include 950,000 square feet of office, 786,625 square feet of residential, 337,875 square feet of retail and 190,860 square feet of hospitality.
The largest children’s healthcare provider in Georgia, CHOA is currently developing its 70-acre North Druid Hills campus adjacent to Emory. The new campus most recently completed its eight-story, 260,000-square-foot Center for Advanced Pediatrics, and CHOA plans to build a $1 billion hospital and a clinical support building. Once completed, the development will feature more than 20 acres of green space with paths and walking trails.
“Increasing the accessibility of healthcare services is even more vital in today’s environment,” said Kleinberg. “As such, the North Druid Hills corridor continues to be attractive for investors that see it as Atlanta’s next big medical hub.”
Located on North Druid Hills Road, minutes from Interstate 85 and across from DeKalb County’s planned $80 million high school, the property serves a densely populated, wealthy trade area with an average household income of $107,790 and total population of more than 140,000 within 3 miles. A major commuter road for more than 46,000 vehicles per day, North Druid Hills Road provides convenient access to Emory University and the Centers for Disease Control and Prevention, as well as to Decatur, Buckhead and Midtown.