Franklin Street announces the sale of the vacant Forty One Marietta for $4,686,500. The sales price represents just over $36 per foot for the vacant 1970s office building.
Jake Reid and Ricky Jones, both of Franklin Street’s Atlanta office, represented the seller in the sale of the 13-story building, located in the heart of Downtown Atlanta. Forty One Marietta is a repositioning opportunity within walking distance to Georgia State University, the Atlanta Streetcar, and the Five Points MARTA station.
“The absence of off-street parking and desirable location make the property ideal for repositioning in a growing office market, or as a mixed-use redevelopment consisting of student housing or a hotel with ground floor retail,” Reid said.
41 Marietta Investments, LLC purchased the property from a private owner. “Given all of the recent activity in the often overlooked Downtown submarket, the investor is considering multiple scenarios relating to their investment in the property,” Reid said. “With strong demand, limited supply, and rising rental rates in the Downtown submarket, multifamily is an obvious play for the building; however the investor will likely take into account rising construction costs in their immediate plans for the property.”
Georgia State University, The Atlanta Street Car, and the Atlanta Falcons Stadium are major catalysts to economic growth in Downtown Atlanta. “While markets like Midtown and Buckhead have been the frontrunners for investment in Atlanta, investors, both regional and international, are just beginning to recognize the potential for the Downtown submarket,” Reid said. He attributes the strong demand to the increased infill housing and office needs. “With economists predicting more than 140,000 new jobs in Atlanta in 2015, employing mostly millennials, the demand for urban living is at an all-time high.”
About Franklin Street: Franklin Street is a family of full-service real estate companies focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its divisions—Real Estate, Capital, Insurance, and Management—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.