Northlake Plaza
Rare Value-Add Retail or Redevelopment Opportunity in Infill Location
Marketing description
Offers accepted on a rolling basis.
CBRE National Retail Partners – Southeast is proud to offer Northlake Plaza, a 12,125 SF neighborhood value-add center in infill Atlanta, GA. The multi-tenant center is distinguished by its in-town location along Lavista Road, a dense, heavily trafficked retail thoroughfare that observes over
20,000 VPD. Northlake Plaza benefits from it’s positioning and being surrounded by major national retailers including Publix, ALDI, Best Buy, Target, T.J. Maxx, Ross, Sprouts, and Kroger to name a few.
At 40% occupied, the asset presents a rare value-add opportunity. The remaining ±7,308 SF of vacant space is primed for retail, office, medical or service-oriented users. The Property was formerly anchored by an Ace Hardware (franchise) and current ownership demised the former anchor suite and re-leased portions to Dauphin Dance Studio and State Farm Insurance. In addition to the immediate cashflow growth via lease-up, Dauphin Dance Studio and State Farm are both paying below market rents and have no renewal options remaining, allowing an investor further upside via mark-to-market.
Conveniently located 15 minutes from Downtown Atlanta, Tucker provides immediate access to I-285, I-85, and US-78. Northlake Plaza’s location near Midtown, Buckhead, Decatur, Emory, and CHOA, presents a unique opportunity for potential long-term redevelopment. The asset is also situated in the Tucker Northlake CID (Commercial Improvement District) which will further benefit the future Owner and tenants.
Investment highlights
- True Value-Add Opportunity
- Direct Access from Highly Trafficked Road
- 176 feet of frontage along Lavista Road (15,00 VPD)
- Situated in Major Retail and IOS Corridor
- Located approximately 15 minutes from Downtown Atlanta
- Strategically situated minutes from I-285, which observes over 203,000 VPD.
- Within a 1-mile radius, average HHI exceeds $152,298 and are expected to reach $168,013 by 2030.
- Northlake Plaza is located less than half a mile from Northlake Mall, an 80-acre site that is planned to convert into a mixed-use development with over 500 residential units, office and retail. Emory Healthcare has transformed a large portion of the mall into a 224,000 SF corporate office campus, hosting 1,600+ employees.
- Conveniently located near Midtown, Buckhead, Decatur, Emory, and CHOA, the property is ideally suited for retail, office, medical or IOS users seeking a highly connected infill location.
- Below Market Rents with Short-Term WALT
- Long-term Repositioning Potential in Tucker Northlake CID.
- Below Replacement Cost
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