ATLANTA—An investment team from Westside Ironworks, one of the largest landowners in the area, just sold a Chick-fil-A site in West Midtown. The retail sale closed for the highest price per square foot for a single-tenant transaction in Atlanta history, according to CoStar, at nearly $1,600 per square foot.
The 1.015-acre site houses the 4,500-square foot quick-serve restaurant sold for nearly $4.75 million with a cap rate of 4.0%. A Midwest-based commercial real estate developer acquired the site. The retail asset sits at the intersection of Northside Drive and Ethel Street.
Jeffrey Stein, founder and principal of Stein Investment Group, and Frank Buonanotte, founder and chairman emeritus of The Shopping Center Group lead the investment team that sold the property. Chris Bossworth of CB Richard Ellis represented the seller.
“There are very few free standing Chick-fil-A sites in Atlanta's core urban areas,” Stein tells GlobeSt.com. “This particular site benefits from several traffic drivers, including close proximity to student and employees at Georgia Tech, West Midtown's new residential developments and the area being a destination for Atlanta's home and decor market. Northside Drive is also a major north/south thoroughfare that is heavily traveled.”
The Stein/Buonanotte team has invested more than $9 million to redevelop the recently completed Westside Ironworks. It sits across from White Provisions District and Westside Urban Market on Howell Mill Road.
The team owns multiple properties in the immediate area including: a 0.9-acre site housing quick-serve restaurant; Cook Out adjacent to Chick-fil-A; the Progressive Lighting building, approximately 25,000 square feet on 1.5 acres at 650 14th Street; and the Switch Modern building, about 27,000 square feet on 1.1 acres at 670 14th Street.
“The synergy established with other neighboring fast dining restaurants that we've brought to the area makes this block of Northside prime investment property,” says Stein. “We have secured unique retailers and restaurants on our properties that complement the West Midtown neighborhood, quickly increasing property values.”
The investment team acquired the property in October 2014. After the buy, it demolished the site's existing warehouse in July 2015 to make room for a multi-year ground lease with Chick-fil-A.
ATLANTA—An investment team from Westside Ironworks, one of the largest landowners in the area, just sold a Chick-fil-A site in West Midtown. The retail sale closed for the highest price per square foot for a single-tenant transaction in Atlanta history, according to CoStar, at nearly $1,600 per square foot.
The 1.015-acre site houses the 4,500-square foot quick-serve restaurant sold for nearly $4.75 million with a cap rate of 4.0%. A Midwest-based commercial real estate developer acquired the site. The retail asset sits at the intersection of Northside Drive and Ethel Street.
Jeffrey Stein, founder and principal of Stein Investment Group, and Frank Buonanotte, founder and chairman emeritus of The Shopping Center Group lead the investment team that sold the property. Chris Bossworth of CB Richard Ellis represented the seller.
“There are very few free standing Chick-fil-A sites in Atlanta's core urban areas,” Stein tells GlobeSt.com. “This particular site benefits from several traffic drivers, including close proximity to student and employees at Georgia Tech, West Midtown's new residential developments and the area being a destination for Atlanta's home and decor market. Northside Drive is also a major north/south thoroughfare that is heavily traveled.”
The Stein/Buonanotte team has invested more than $9 million to redevelop the recently completed Westside Ironworks. It sits across from White Provisions District and Westside Urban Market on Howell Mill Road.
The team owns multiple properties in the immediate area including: a 0.9-acre site housing quick-serve restaurant; Cook Out adjacent to Chick-fil-A; the Progressive Lighting building, approximately 25,000 square feet on 1.5 acres at 650 14th Street; and the Switch Modern building, about 27,000 square feet on 1.1 acres at 670 14th Street.
“The synergy established with other neighboring fast dining restaurants that we've brought to the area makes this block of Northside prime investment property,” says Stein. “We have secured unique retailers and restaurants on our properties that complement the West Midtown neighborhood, quickly increasing property values.”
The investment team acquired the property in October 2014. After the buy, it demolished the site's existing warehouse in July 2015 to make room for a multi-year ground lease with Chick-fil-A.
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