Joel & Granot Real Estate/CORFAC International Leads Value-Add Renovation in Atlanta
Finding and buying value-add commercial real estate properties is nearly impossible in the Metro Atlanta area these days, but local firm Joel & Granot Real Estate/CORFAC International, has succeeded in doing just that. JGRE led the purchase of a value-added renovation opportunity in the elusive Buckhead neighborhood of Atlanta. The mixed-use investment property is located at 2285 Peachtree Street.
“Finding value-add deals that make sense these days is a challenge,” said Principal Alan Joel, CCIM, who is serving as CORFAC’s 2020 President. “It’s challenging in a hot market as you need to have the discipline to hold off on deals that simply don’t have the fundamentals for long-term rental appreciation potential.” In this type of market many real estate deals look promising due to appreciation, not cash flow. Joel likens it to musical chairs: “If you’re big, the push is for property appreciation verses true net cash flow. Then at your exit strategy, at some point someone’s not going to have a chair to sit in.”
The property, which has 23,000 square feet of commercial space, is located just south of Peachtree Battle Shopping Center and includes more than 100 parking spaces. The renovation will take approximately 6 to 9 months and includes all aspects of the building and parking deck. This will be JGRE’s fifth value-add turn around deal in the past 5 years. Their most recent renovations include 10 Park Place and The Healey Building in downtown Atlanta.
JGRE/CORFAC International is a leading commercial real estate brokerage firm serving the Atlanta metropolitan area and all of its primary submarkets. JGRE is locally owned, yet globally connected as a long-term affiliate of CORFAC International, a worldwide network of leading privately held commercial real estate firms.
