The property has pricked local agents' attention again this week with its new listing price of $2.7 million or $245.45 per sf, one of the highest commercial real estate listings in the metro area, area brokers tell GlobeSt.com.
Jim Summerour of HN Commercial, a division of Harry Norman Realtor, has the listing and will be marketing the single-story property as an office building or office condominium complex, brokers who have tried to find buyers for the property in the past year tell GlobeSt.com. Summerour couldn't be reached by GlobeSt.com's publication deadline to learn how many offers have been made to date.
The 45-year-old, independent Atlanta-Fulton County Recreation Authority owns the building which it had constructed in 2002 as a miniature golf and video game attraction. The attraction was supposed to generate new revenue for the Authority which acquires, constructs, equips, maintains and operates sports, recreation and zoological facilities for the City of Atlanta. But that didn't happen and the nine-member agency shut down Fanplex in February 2004. Now the Authority is hoping a sale at the new listing price will at least cover its original $2.5-million development cost plus the $300,000 a year it takes to cover the debt load on the construction loan. Although the construction cost was made with public money, the Authority is not under Fulton County control, county staffers tell GlobeSt.com.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.