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ATLANTA-The 76-year-old, 12-story, 90,000-sf Medical Arts Building, vacant for eight years, is up for sale at an asking price of $5 million or about $56 per sf, City Realty Advisors broker Tim Holdroyd tells GlobeSt.com.

“It’s a very odd situation where the owner has held this property for the last 32 years and has now decided the time is right to sell,” Holdroyd says. He thinks the property could be used as an apartment, condominium complex or a hotel.

Miami owner Harold Gelber has listed the property exclusively with City Realty. The building has two parking garages and 266 surface parking spaces. Located on Peachtree Street near Ralph McGill Avenue, the property is 500 yards from the planned $200 million Georgia Aquarium attraction.

Holdroyd estimates it would take “between $8 million and $10 million for a full rehab” of the property. He thinks the new construction could be completed in 12 to 24 months. “The timing could be excellent for this property to surface in 2005″ when the Aquarium project is slated to open, Holdroyd tells GlobeSt.com. “The economic cycle could be turning (positively) at that time.”

The broker says architect Leroy Preacher, who designed Atlanta’s City Hall building, also designed the Medical Arts Building in 1927 for a private group of doctors. Holdroyd says the building was the first commercial structure in the city to offer a covered parking garage and also holds the distinction of being the first exclusively medical office high-rise in the United States.

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