Atlanta Retail for Sale - Midtown/Pershing Point
CBRE’s National Retail Partners – Southeast is s proud to offer for sale the fee interest in Atlanta’s Midtown Castle. The Castle is a 12,500 SF historic landmark, currently leased to Divan Restaurant and Bar, located at 87 15th Street NE, Atlanta, GA 30309 (“The Property”).
The Castle, built by Ferdinand McMillan, has an extensive history dating back to 1910 where it originally served as a residence and quickly became both a City of Atlanta landmark and a staple in Atlanta’s arts community. Originally known as Fort Pearce, the Property since inception, has served as an architectural staple in Atlanta, housing a number of artists and groups including the Artists Assembly Club, the Children’s Theatre of Atlanta, the Junior Theatre of Atlanta, and the Atlanta Writers’ Club. Today, the Property is home to well-known Persian and Mediterranean cuisine, Divan, who has a strong operating history, and first opened in Atlanta in 2005.
Nestled in the heart of Atlanta’s burgeoning arts community in Midtown, the Castle benefits from its proximity to nearby businesses & attractions like Woodruff Arts Center, Atlanta High Museum of Art, Colony Square, Ansley Park, Piedmont Park and the 4-acre ($46M) community green space being developed by Midtown Alliance. The Castle, being the only retail with direct access to the park, will continue to be a staple for patrons in the Midtown Community and will dramatically benefit from the added foot traffic. This prime location is also surrounded by ~27K residents and 82K employees in Midtown core. Further, the asset is situated approximately 650 feet from the MARTA Arts Center Transit Station, earning a walk score of 89.
With 6.8 years WALT Remaining and two five-year options remaining, the Castle offers an investor the rare opportunity to invest in a generational asset, that is also a historic landmark, with an irreplaceable location and stable cash flow in the heart of Atlanta’s most dense neighborhood.
