Roberts Realty Investors, Inc. has retained CBRE, Inc. to market and sell its North Springs transit station property, a 10-acre site zoned for a mixed-use development consisting of 356 multifamily units, 210,000 square feet of office space, and 56,000 square feet of retail space in the Perimeter Center area of Sandy Springs, GA.
The sales price is $16.6 million.
CBRE would be paid a commission of 4% of the sales price of the North Springs property (5% if a cooperating broker is representing the purchaser) at the closing of the sale. The termination date of the agreement is December 15, 2013.
North Springs is located on Peachtree Dunwoody Road across the street from the North Springs rail station. Georgia 400 and I-285 provide access to two major regional malls, and the Phipps Plaza/Lenox Mall/Buckhead area and downtown Atlanta’s Central Business District are accessible via Georgia 400.
Roberts Realty Investors owns the North Springs property debt free. The company says this sale would increase its cash available for investment in the development and construction of the Bradley Park and Highway 20 multifamily apartment communities.
Perimeter Center is Atlanta’s largest employment center outside of downtown Atlanta and includes approximately 28 million square feet of office and retail space. The area currently has over 110,000 jobs with major employers such as UPS, AT&T Mobility, Cox Enterprises, InterContinental Hotels Group, First Data, AFC Enterprises and Arby’s Restaurant Group, Inc., all of which have a headquarters located in this area.
Just south of the Perimeter Center/Sandy Springs business district is a major medical center anchored by Northside Hospital, St. Joseph’s Hospital, and Children’s Healthcare of Atlanta.