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HARTSFIELD-JACKSON INTERNATIONAL
AIRPORT
ROOSEVELT HIGHWAY
AIRPORT EXECUTIVE OFFICE PARK 2459 ROOSEVELT HIGHWAYCOLLEGE PARK, GA 30349
85
285
85
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02 Property Overview 9Airport Executive Office Park | College Park, GA
AERIAL MAP
2459 Roosevelt Highway | College Park, Georgia
Airport Area Redevelopment OpportunityOFFERING MEMORANDUM
This Offering Memorandum and any subsequent evaluation material you
may be provided (collectively known as the “Offering Memorandum”)
is intended solely for your limited use in considering whether to pursue
negotiations to acquire Airport Executive Office Park (the “Property”) located in College Park, Georgia. The Property is being marketed for sale
by Ackerman & Co. (“Broker”).
The Offering Memorandum contains brief, selected information pertaining
to the business and affairs of the Property and has been prepared by
Broker. It does not, however, purport to be all-inclusive or to contain all
of the information that a prospective purchaser may desire. Broker makes
no representation or warranty, express or implied, as to the accuracy or
completeness of the Offering Memorandum or any of its contents, and no
legal liability is assumed to be implied with respect thereto.
By acknowledgment of your receipt of the Offering Memorandum you
agree that the Offering Memorandum and its contents are confidential,
that you will hold and treat it in the strictest of confidence, that you will
not directly or indirectly disclose, or permit anyone else to disclose, the
Offering Memorandum or its contents to any other person, firm, or entity
(including, without limitation, any principal for whom you have been
engaged), without prior written authorization of Owner or Broker and
that you will not use or permit to be used the Offering Memorandum or
its contents to be copied or used in any fashion or manner detrimental to
the interest of Owner. Photocopy or other duplication is strictly prohibited.
THE OFFERING MEMORANDUM SHALL NOT BE DEEMED TO REPRESENT
THAT STATE OF AFFAIRS OF THE PROPERTY OR CONSTITUTE AN
INDICATION THAT THERE HAS BEEN NO CHANGE IN THE BUSINESS OR
AFFAIRS OF THE PROPERTY SINCE THE DATE OF PREPARATION OF THE
OFFERING MEMORANDUM.
The information provided in the Offering Memorandum has been gathered
from sources that are deemed reliable, but the Broker does not warrant or
represent that the information is true or correct. Prospective offerors are
advised to verify information independently. The Offering Memorandum
is not to be construed as an offer or as any part of a contract to sell the
property.
Furthermore, the inclusion or exclusion in the Offering Memorandum of
information relating to asbestos or any other hazardous, toxic or dangerous
chemical item, waste or substance (hereinafter collectively referred to as
“Waste”) relating to the Property shall in no way be construed as creating
any warranties or representations, expressed or implied by the Broker as
to the existence or nonexistence or nature of Waste in, under or on the
Property, it may create significant legal and/or economic obligations upon
the Owner, lessee and/or other holders of interest in the Property or a part
thereof and you are hereby advised to obtain professional assistance such
as from a consultant, engineer and/or attorney prior to taking an interest
in the Property or a part thereof.
CONFIDENTIALITY / DISCLAIMER
Table of Contents
01 EXECUTIVE SUMMARY Investment Highlights
Demographic Summary
02 PROPERTY OVERVIEW Aerials/Location Maps
Property Photos
Site Plan
Property Description
Tax Plat
05 MARKET OVERVIEW College Park, Fulton County, Georgia
Detailed Demographics
For more information, please contact:STEVE LANGFORD Senior Vice President, Investment Sales 770.913.3955 [email protected]
ACKERMAN & CO. 10 Glenlake Parkway | South Tower, Suite 1000 | Atlanta, GA 30328 770.913.3900 | ackermanco.com
03 REDEVELOPMENT OPPORTUNITY Area Transformation
Accessibility
Atlanta Aerotropolis Alliance
Notable Recent Airport Area Developments
04 FINANCIALS Comparative Property Sales
Comparable Land Sales
EXECUTIVE SUMMARY Investment Highlights
Demographic Summary
01
2459 Roosevelt Highway | College Park, Georgia
INVESTMENT SUMMARY
Sale Price: $3,500,000
Price/SF: $55.65
Price/AC: $568,181
Occupancy: 91%
Size: 62,887 SF | 6.16 AC
Signage
5Airport Executive Office Park | College Park, GA01 Executive Summary
Ackerman & Co. is pleased to exclusively present for sale the Airport Executive Office Park located in College Park, GA and positioned less than a mile from the entrance to Hartsfield-Jackson Atlanta International Airport.
INVESTMENT HIGHLIGHTS:
Value : Property can be purchased for less than replacement cost, and with 91% occupancy, it has existing cash flow to offset acquisition cost until time for redevelopment.
Redevelopment : Property is 6.16 acres in size, with a 62,887 SF of office building. When combined with the neighboring 20+ acres of city-owned property and the remaining 15+ adjoining acres, provides 40+ acres of assembled land and a premium site for redevelopment that is less than 1-mile from the entrance into Hartsfield-Jackson Atlanta International Airport.
Location: In addition to its proximity to Hartsfield-Jackson Atlanta International Airport and the Georgia International Convention Center, this site is located near the offices of corporate giants Porsche, Delta Airlines, Chick-Fil-A, Coca-Cola Bottling, Manheim Auctions, AFC Worldwide, Firestone, and Corporate Express.
Accessibility: As one of the more easily accessed properties, it has close access to Interstate 85, Interstate 285, Interstate 75, GA Hwy 29, and Camp Creek Parkway which leads directly to Interstate 20.
Hampton Locust Grove Rd Bill Gardner Pkwy
COLLEGE PARK
3-M
ILE
5-M
ILE
EAST POINT
HAPEVILLE
28575
85
29
1-MILE
AIRPORT EXECUTIVE OFFICE PARK 2459 ROOSEVELT HIGHWAYCOLLEGE PARK, GA 30349
6Airport Executive Office Park | College Park, GA01 Executive Summary
3-MILE RADIUS
Population: 58,752 Projected Growth Through 2020: 8.72%Households: 22,790Projected Growth Through 2020: 8.89%Number of Businesses: 388
COLLEGE PARKPOPULATION GROWTH
5 MILES
(in
thou
sand
s)
3 MILES
0
25
50
75
100
125
150
175
58,7
52
155,
360
200
Demographics: With a population of 58,752 within a 3-mile radius of the site with growth prospects of 8.72% in the next 5 years, the fact there are only about 388 businesses within 1-mile radius of this site and Hartsfield-Jackson Airport International Airport shows a tremendous opportunity for additional commerce for an area clearly underserved.
DEMOGRAPHIC SUMMARY
5-MILE RADIUS
Population: 155,360 Projected Growth Through 2020: 7.74%Households: 60,892Projected Growth Through 2020: 7.82%Number of Businesses: 2,742
PROPERTY OVERVIEW Aerials Property Photos Location Maps Site Plan Property Description Tax Plat
02
2459 Roosevelt Highway | College Park, Georgia
HARTSFIELD-JACKSON INTERNATIONAL
AIRPORT
ROOSEVELT HIGHWAY
AIRPORT EXECUTIVE OFFICE PARK 2459 ROOSEVELT HIGHWAYCOLLEGE PARK, GA 30349
85
285
85
285
02 Property Overview 8Airport Executive Office Park | College Park, GA
AERIAL MAP
Cartersville
McDonough
Covington
Oxford
Conyers
Loganville
Dacula
Sugar Hill
Buford
FloweryBranchCumming
Alpharetta
F U LT O N
D E K A L B
B A R T O WH A L L
Lawrenceville
DowntownAtlanta
C O B B
Kennesaw
Decatur
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41
400
675AIRPORT EXECUTIVE OFFICE PARK
2459 ROOSEVELT HIGHWAYCOLLEGE PARK, GA 30349
02 Property Overview 11Airport Executive Office Park | College Park, GA
LOCATION MAP
ROOSEVELT HIGHWAY CSX RAIL LINE
02 Property Overview 12Airport Executive Office Park | College Park, GA
SITE PLAN
Hartsfield-Jackson Atlanta International Airport
Address: 2459 Roosevelt Highway College Park, GA 30349
Parcel ID: 13-0036-LL-127-3
County: Fulton
Submarket: North Clayton/Airport
Zoning: C-4
Size: 62,887 SF Total | 3 Buildings
Site Area: 6.16 acres
Year Built: 1972 | Renovated 1988
Construction: Masonry
Utilities: All Public Utilities Available
Tenancy: Multi-Tenant
02 Property Overview 13Airport Executive Office Park | College Park, GA
PROPERTY FEATURES
02 Property Overview 14Airport Executive Office Park | College Park, GA
TAX PLAT
ROOSEVELT
HIG
HWAY / GA H
WY 29
03 REDEVELOPMENT
OPPORTUNITY Area Transformation
Accessibility
Atlanta Aerotropolis Alliance Notable Recent Airport Area Developments
2459 Roosevelt Highway | College Park, Georgia
Porsche North American Headquarters
16Airport Executive Office Park | College Park, GA03 Redevelopment Opportunity
THE OPPORTUNITY:
Area Transformation: The City of Atlanta and surrounding municipalities are growing by leaps and bounds. Perhaps, no area is poised for more near term growth than the areas surrounding Hartsfield-Jackson Atlanta International Airport. This area includes the cities of College Park, East Point, Hapeville, and Atlanta. It also encompasses parts Fulton and Clayton counties. Since renowned auto manufacturer Porsche chose to build its North American Headquarters adjacent to Hartsfield-Jackson Airport, many are taking note of the area's unrealized potential.
Optimism for the areas around the airport is at an all-time high. Leading the way is Hartsfield-Jackson Atlanta International Airport itself which recently announced a $6 billion dollar expansion and improvement plan. The project is part of a 20-year growth plan and includes a new 400-room luxury hotel, terminal upgrades, a new concourse, new parking structures, a new runway, and a face lift for the pick-up and drop-off areas. The City of Hapeville has announced plans for a $500 million dollar development that will transform its city center into a mixed-use area that includes new residential, traditional office and retail, restaurants, and an entertainment venue. The 5-star, 214-room Solaris Hotel next to Porsche North American Headquarters has opened, the BMW corporate training facility is near completion, and the City of College Park recently broke ground to construct a multipurpose arena where the Atlanta Hawks professional basketball developmental league will begin play in 2019.
Aerial showing interstate access
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17Airport Executive Office Park | College Park, GA03 Redevelopment Opportunity
Accessibility: As an assemblage, and possibly the last remaining large tract of land to be developed located less than a mile from the entrance to Hartsfield-Jackson Atlanta International Airport, this site has great ingress and egress. It can be accessed via three separate streets including Roosevelt Highway/US Hwy 29 to the south and east, Riverdale Road to the north, and Hershel Road to the west.
There is tremendous access to this site with proximity to three of major transportation arteries including interstates I-285, I-85, and I-75. Also, US Hwy 29 which runs directly in front of the site provides access as far south as Pensacola, FL and as far north as Elliot City, Maryland. In metro Atlanta, US Hwy 29 passes by notable universities including Georgia Tech, Emory University and the University of Georgia. Approximately 2/3 of the U.S. can be accessed from this location in 3-days by truck and 2-hours by plane.
This site is further enhanced with close proximity to the CSX Railroad Terminal that is less than 10 minutes miles away. Atlanta is a major hub for CSX rail lines throughout Georgia and passes through several key cities including Augusta to the east, Savannah to the southeast, Valdosta to the south, LaGrange/West Point to the west, and Dalton to the north.
AIRPORT EXECUTIVE OFFICE PARK 2459 ROOSEVELT HIGHWAYCOLLEGE PARK, GA 30349
HARTSFIELD JACKSON INTERNATIONAL AIRPORT
5 - 10 MINUTES AWAY
AviationIntergrator/CEP
Fast-Cycle Logistics ICT Technology
Bio-Logistics
10 - 15 MINUTES AWAY
AerospaceGround Logistics
Value-Added Destination Retail & Hospitality
R & D Bio-Life Sciences & Diagnostics
18Airport Executive Office Park | College Park, GA03 Redevelopment Opportunity
ATLANTA AEROTROPOLIS ALLIANCE:
Clearly, the largest driver of increased economic activity surrounding Hartsfield-Jackson Atlanta International Airport is the recently launched Atlanta Aerotropolis Alliance. Because of the powerful economic engine that is Hartsfield-Jackson Atlanta International Airport, the Atlanta Aerotropolis Atlanta was formed to leverage the airport as a central business district and transform the locale in its vicinity into a world-class area that can attract those companies and organizations that could benefit from being near the world’s busiest airport.
The Alliance commissioned a detailed study to assess the economic strengths of those areas surrounding Hartsfield-Jackson Atlanta International Airport. Their findings identified the following highest and best use opportunities for these areas:
19Airport Executive Office Park | College Park, GA03 Redevelopment Opportunity
Information from the 114-page report is now the blueprint for the area and serves as a guide that provides direction quality and sustained development that benefits the community and simultaneously supports the airport.
The Atlanta Aerotropolis Alliance is comprised of businesses, non-profits, local governments, and other interested parties in the metropolitan Atlanta area including: Delta Airlines, Porsche Cars of North America, Georgia Power, Duke Realty, SunTrust Bank, Chick-Fil-A, MARTA, and the cities of College Park, East Point, Hapeville and Atlanta.
Gateway CenterAirport City Porsche Cars North America
Expansion of MARTAThe PAD on Harvard Fort McPherson
04 FINANCIALS
Comparable Property Sales Comparable Land Sales
2459 Roosevelt Highway | College Park, Georgia
04 Financials 21Airport Executive Office Park | College Park, GA
COMPARABLE PROPERTY SALES
3848 Northwest DrCollege Park, GA 30337
Type Office
Size 33,562 SF
Sold 1.12.2016
Price $1,900,000
Price/SF $56.61
1500 Cedar Grove RdConley, GA 30288
Type Office
Size 50,000 SF
Sold 2.22.2016
Price $4,050,000
Price/SF $81.00
4245 International PkyHapeville, GA 30354
Type Office
Size 43,414 SF
Sold 3.31.2016
Price $6,350,000
Price/SF $146.26
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1 2
3
510 Plaza DrCollege Park, GA 30349
Type Office
Size 46,896 SF
Sold 4.15.2016
Price $2,681,109
Price/SF $56.17
04 Financials 22Airport Executive Office Park | College Park, GA
COMPARABLE LAND SALES
South Central AveHapeville, GA 30354
Sold 2.27.2017
Price $5,250,000
Size 10.40 AC
Price/AC $504,807
834 Cleveland AveAtlanta, GA 30344
Sold 3.30.2016
Price $1,625,000
Size 1.63 AC
Price/AC $996,929
2633 Church StAtlanta, GA 30344
Sold 6.22.2016
Price $280,000
Size 766 SF
Price/AC $365.54
1 2
3
Porsche AveHapeville, GA 30354
Sold 12.30.2015
Price $3,184,000
Size 3.98 AC
Price/AC $799,999
4
MARKET OVERVIEW College Park, GA Detailed Demographics
05
2459 Roosevelt Highway | College Park, Georgia
05 Market Overview 24Airport Executive Office Park | College Park, GA
COLLEGE PARK, GEORGIA
Named one of Atlanta Magazine’s “Best Places To Call Home” in April 2003, the City of College Park has become one of the most exciting communities in the greater metropolitan Atlanta area in which to live.
A well-established community with an individuality all its own, College Park, located near the Hartsfield-Jackson Atlanta International Airport, Interstates I-85 and I-285, the CSX Railroad and Metropolitan Atlanta Rapid Transit Authority (MARTA), residents and visitors alike will find that this revitalized City offers the best of Southern hospitality in its city services, local restaurants, lodging accommodations, parks and recreation, and community events.
Benefits
College Park has all the benefits of a large city, while preserving the neighborliness of a hometown. Its close proximity to Atlanta provides residents and visitors alike with easy access to colleges and universities, shopping and other places of interest. The city also boasts being home to the largest independent school in the continental United States, Woodward Academy.
Urban Historic District
Originating from a land grant awarded in 1846, College Park has the fourth largest urban historic district in Georgia with 867 structures on the Historic Register. The City’s historical collection consists of homes, monuments, businesses, schools, churches, parks, a cemetery, government building, and railway station. A city where growth and progress embrace the past to enhance the future, downtown College Park anchors the city with its historic Main Street business district. Through assistance from the College Park Development / Main Street Office, new specialty businesses are replacing once vacant storefronts and transitional businesses. The new Georgia International Convention Center is a state-of-the-art facility owned and operated
by the City of College Park, and is the second largest exhibit and meeting space in the state.
Benjamin Banneker High School
Bethune Elementary School
Frank S. McClarin Alternative High School
Harriet Tubman Elementary School
Heritage Elementary School
Main Street Academy - K - 2nd
Main Street Academy - 3rd - 7th
Ronald E. McNair Middle School
Woodland Middle School
Woodward Academy
Georgia International Convention Center, College Park
SCHOOLS IN COLLEGE PARK, GEORGIA
05 Market Overview 25Airport Executive Office Park | College Park, GA
DETAILED DEMOGRAPHICS
1 MILE 3 MILES 5 MILES
2015 Estimated Population 3,260 58,752 155,3602020 Projected Population 3,464 63,877 167,3792010 Census Population 3,421 53,075 145,474Growth 2010 - 2015 -4.71% 10.70% 6.80%Growth 2015 - 2020 6.26% 8.72% 7.74%2015 Median Age 34.0 31.90 33.22015 Estimated Households 1,279 22,790 60,8922020 Projected Households 1,362 24,815 65,6512010 Census Households 1,331 20,512 56,965Growth 2010 - 2015 -3.91% 11.11% 6.89%Growth 2015 - 2020 6.49% 8.89% 7.82%2015 Average Household Income $48,291 $47,978 $49,6112015 Average Household Size 2.5 2.6 2.52015 Housing Units 1,424 25,556 66,9592015 Owner Occupied Units 34.40% 39.51% 44.73%2015 Renter Occupied Units 65.60% 60.49% 55.27%
Downtown College Park
FOR MORE INFORMATION, PLEASE CONTACT:
STEVE LANGFORD Senior Vice President, Investment Sales 770.913.3955 | [email protected] ©2016 Ackerman & Co. All rights reserved.
Property shown by appointment only