87 15th Street NE
Cashflowing Landmark in Atlanta's Midtown Core
Marketing description
Offers accepted on a rolling basis. Please reach out to CBRE team for pricing details.
Email: [email protected]
CBRE’s National Retail Partners – Southeast is proud to offer for sale the fee interest in 87 15th Street NE, 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 + two five-year options, 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.
Midtown Alliance - City Green Site Plan Midtown Green | Our Work | Midtown Atlanta
Investment highlights
- Divan Restaurant has successfully operated in Atlanta since 2005. Originally located in Buckhead, the well-known cuisine relocated to the Castle in 2021.
- Midtown offers over 24M SF of Class A Office and 82,000 jobs in its 1.2 square mile district. Midtown is also the corporate HQ of 3 Fortune 1000 companies and 8 of the 10 largest law firms in Atlanta.
- The Property’s dense location is surrounded by several major companies including Deloitte, Atlanta Journal-Constitution, King & Spalding, Avison Young, and Roark Capital Group to name a few.
- Midtown Alliance just purchased the 4-acre site directly adjacent to The Castle for $46M. The Castle is the only retail with direct access to the planner communal park. The retail tenant will dramatically benefit from the patrons of the public greenspace. Midtown Green | Our Work | Midtown Atlanta
- Located between Downtown and Buckhead, the ideal positioning of the Castle offers immediate access to the I-75/85 connector via 14th Street. The Property is also 600 feet from the Arts Center MARTA Station, making Hartsfield-Jackson Atlanta International Airport just a 20-minute ride away.
- With a grid street network, miles of sidewalks and a growing network of bike lanes, The Castle boasts a Walk Score of 89/100. Further, Peachtree and 14th Street observe a combined 35,900 vehicles per day.
- Georgia Tech, one of the nation’s most research-intensive universities with a total enrollment of 53K students, is a 1-mile walk or 5-minute drive from The Castle.
- With more than 2.1M SF of retail, 27.2M SF of office, 4,430+ hotel rooms and 16,770+ multifamily units within a 1-mle radius of the site, Midtown Atlanta provides The Castle with a massive built-in customer base.
- The Castle offers an investor the opportunity to invest in one of Atlanta’s most rare assets with a rich history and a historic landmark.
- With a desirable NNN lease structure with embedded 3% annual increases, the opportunity allows stable cashflow with minimal Landlord responsibilities.
- 2026 NOI is $461K and is expected to grow to an estimated $519K by 2030.
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