Changes in Alpharetta Retail Space

The good news is that Henderson Commons, the retail strip center on Highway 9 just south of Windward has been purchased. After THREE YEARS of nothingness because of bankruptcy, foreclosure and a bank sitting on their hands, an investment group has purchased the property. Now they are trying to figure out what to do with it. They may sell it to the next investor group or they may keep it and lease it up. It may still take a few more months for all that to shake out. In the meantime, I believe they are going to see that the property is better maintained.

I am still getting calls for interested tenants. That is a good thing. There is still positive activity in the market. Another good thing (actually a really good thing) is the fact that the cost basis for the new owners is reduced significantly from what the original owners had in it. That means the rent can be much lower and the new owners can actually make money on it. That is a win for everyone!

There are NO other retail centers that have that favorable position in Alpharetta that I know of. The small one next to the entrance of Lowes may get there, but it is still facing all the legal issues of cleaning up the title after foreclosure. Who knows how long that will take.

The Office Market has Bottomed Out!

Have you locked in your rates for the long term?
Now is the time to make sure to lock in your office rental rates for the long term. Office rental rates have dropped as much as 30% over the past few years in many markets; they are not going to go lower. Most experts in the field expect rates to start their upward climb this year. Now is the time to lock in your best rates. Landlords are still eager to make deals. Let us help. Our service is FREE.

Scott French
Powell Property Group
Commercial Real Estate Services
678-372-3798
Scottfrench@me.com

Home Fashion Center purchases property for Relocation

Friday April 2nd, Home Fashion Center, currently located on South Main Street behind Bank of America, completed the purchase of the Georgia Turf and Tractor property on North Main Street.  The new property, which is just south of Windward Parkway will begin a complete makeover almost immediately.  The renovations are expected to take less than six months so they can have a grand re-opening before the fall selling season.  You may expect to see some inventory reduction sales to keep from having to move all that stuff.  Have you been in the store lately?  They have definitely outgrown the old place.  Home Fashion Center has been in their current location for more than 20 years.

RJD Architect of Alpharetta did a wonderful job on the redesign shown here and I am supposed to say that their work is copyrighted.

There will be some additional retail space available in the new building which will be leased to complimentary businesses.  Contact me for further info at 678-372-3798.

Home Fashion Center was represented by S.T. French for the purchase of this property.

Please visit their web site HERE, the old location at 230 South Main Street or call 770-664-9544 for more info.

Scott French

Commercial Real Estate Services

www.alphaCRE.com

UC Fitness relocation

UC Fitness
On Thursday, Feb. 4, UC Fitness opened a new training facility in Milton’s Watercrest Village shopping center on North Main Street.

The business is home to five fitness experts who operate under a single roof, each as their own operation and serving their own clientele.

“From the City of Milton’s top-tier community development team, to the city’s enthusiastic local business owners and the dynamic team at the North Fulton Chamber, I’ve been received warmly as a new business owner,” said Toby Eddison, owner of Next Level in Fitness Training and a member of the UC fitness team.

UC Fitness prior location was in the building behind the Corner Deli at Milton Ave and Roswell St.

Legoland may be coming to Alpharetta

Legoland’s United Kingdom-based parent company, Merlin Entertainments Group, is looking at sites in Alpharetta near North Point Mall, Atlantic Station in Midtown, the downtown area, and the Buckhead area near Phipps Plaza, said Howard Samuels, national real estate adviser for Legoland and president of Samuels & Co. Inc. in Los Angeles.

Merlin “is very interested in opening a Legoland Discovery Center in the Atlanta market,” he said. “We’re very fortunate there are several sites that will work.”

Samuels hopes to select a site in Atlanta by the end of the year.

Inside a 30,000- to 35,000-square-foot Legoland Discovery Center, which is about the size of a newer Best Buy store, is a 4-D movie theater, a play area, a Dragon Castle Ride, a Build and Test area, and other interactive stations, all built with and around the iconic plastic bricks invented by a Danish company.

Read more in the Atlanta Business Chronicle article HERE

Yes, Henderson Commons is a ghost town.

It does look nice...

On highway 9 North, just South of Windward Parkway sits a very nice looking, empty shopping center.  The grass is grown up and the geese are the only occupants.  And I do not know when that is going to change.  I have been the leasing agent for HeCo for over a year.  There have been quite a few people interested in opening for business there, but problems have been more plentiful.  It started when one of the two owners ran into deep trouble last fall.  Then they declared bankruptcy in December.  The other owner and I became good friends while we shared in the struggles for the following months.  Then, very sadly, cancer got the best of him and he passed away in August.  I am trying my best to stay involved and keep some interest alive, however I am only the leasing guy and can only do so much.

If there is anyone that would like to be included in a “press release” list, please drop me a line.  Something is going to happen eventually.  It will have to.  And when it does, there may be some very good opportunities to be taken advantage of.

Scott

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