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Deal of the Issue: continued
The firm snapped up a
former exotic club that sits on 7.4 acres from the
estate of John Hunsinger for $11.2 million.
Alan Joel and Dan
Granot, principals at Joel
& Granot Real Estate/CORFAC International, represented
the buyer. Westplan will redevelop the commercial
real estate asset
into a mixed-use project with loft office and
showroom space plus a “wrap” multifamily development
with ground-floor retail and
apartments surrounding a podium-style parking garage.
Located at 2050 Cheshire
Bridge Road in
Atlanta, the corner of Cheshire Bridge and Faulkner Road
is in the heart of the Cheshire Bridge corridor. The two
warehouses on the land will be demolished as part of the
redevelopment.
“Cheshire Bridge has been a mostly
undesirable area of Atlanta for over 40 years,” Joel
tells GlobeSt.com. “The submarket deserves better and we
know that Westplan will continue with this corridor’s
improvement. Our firm is very active with other
listings in this area and we hope to continue changing
this corridor even if it’s one property at a time.
Cheshire Bridge should be the shining star of Atlanta.”
The existing “Doll House” fronts the land
along Chesire Bridge Road. Westplan Investors plans to
demolish that facility and build the apartments with
retail and parking on that section of the property.
Construction of the estimated 15,000 square feet of retail and
180 apartment homes is slated to begin this summer with
an expected 18-month build out.
JGRE was retained to market the renovated
loft office and
showroom space for lease. The Atlanta-based brokerage
firm has been active in the Chesire Bridge market for
years.
For example, the firm sold the building
next store, at 2070 Chesire Bridge in 2007 for $1
million. JGRE also sold 1769 Chesire Bridge for
$365,000, which was a former house converted to a
photography studio and the new owner installed an
upscale antique store there. Joel and Granot sold an
empty 20,000-square-foot commercial building nearby 1924
Piedmont Avenue, for $2.3 million to a medical group.
Pictured: Alan Joel at the Cheshire
Bridge property that will be
demolished as part of the
redevelopment
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