Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of 620 Glen Iris Drive in Atlanta, Georgia. The single-tenant retail condo is leased to Ruby Chow’s, an Asian fusion restaurant in Atlanta’s Midtown submarket. Stan Johnson Company’s Jeff Enck and Emery Shane represented the seller, an Atlanta, Georgia-based real estate investment partnership. The 3,179-square-foot commercial asset was purchased by a local Atlanta-based buyer for $1,400,000. The cap rate was not disclosed.
“Despite the lack of credit and limited personal guarantees, we were able to procure multiple offers on the property from across the country and close at about 96 percent of the asking price,” said Enck, Associate Director in Stan Johnson Company’s Alpharetta, Georgia office. “The net lease retail sector continues to show increased strength despite the persistence of the COVID-19 pandemic. We look for this trend to continue as the vaccine rolls out over the coming months.”
The property, originally built in the 1960s, is located in the heart of Atlanta’s historic Old Fourth Ward directly across from the award-winning Ponce City Market. The area boasts strong demographics and is an established gathering hub for nearby residents.