Jamestown Properties is hoping beer, burgers, fancy hair styles and a great workout in Midtown could be enough to achieve a six cap.
The Atlanta-based real estate syndicate has put The Shops at Metropolis up for sale in an effort to capture the cachet of the Midtown Mile. The 38,600 SF Shops is the retail base of the 21-story Metropolis condo tower at 933 Peachtree St that's home to Taco Mac, Orange Therapy, Van Michael Salon, Newk's Eatery, and Fado Irish Pub & Restaurant. Jamestown has tapped Cushman & Wakefield's Robert Aldrich and Fain Hicks to market the property.
For Jamestown, as it finally opens Ponce City Market, the move to sell the asset could reap big rewards. Developed in 2002, The Shops at Metropolis is 90% leased and earning an NOI of more than $1.6M/year, according to a marketing flyer on the property. While no more than 20% of the leased space rolls each year, it also helps that Fado inked a 10-year lease there this past year. Those factors—plus that it has a prime Peachtree Street address in the heart of Midtown—could push buyers to purchase the retail center in the mid-to-high $20M range, or roughly a 6% cap rate, sources tell us. Officials with C&W and Jamestown did not return calls seeking comment.
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