Market Spotlight Albany, Georgia

Justin Carswell

Located in central southwest Georgia, Albany serves as a retail hub for much of southern Georgia. The city’s trade area extends over 50 miles in all directions with a population of over 559,000. 

 

The Tri-Plaza shopping center is located at 2525 Dawson Road in the heart of the northwest retail area. McWhirter Realty Partners began redevelopment of the center the first quarter of 2019 with upgrades including, but not limited to: a new roof, an exterior façade update, and a re-paved and striped parking lot with new LED lighting. Two spaces have already been leased--Harbor Freight Tools opened in June and Big Lots is scheduled to open in August. This prime location is situated on a 14-acre site and Dawson Road sees daily traffic counts of over 24,600.  

 

There is currently 60,000+/- square feet of space available for lease:

Suite 1 – 3,800± sf

Suite 2 – 36,500± sf

Suite 3 – 22,500± sf

 

The nearest retail offerings of any comparable size are in Columbus and Tifton, approximately 86 miles to the northwest and 40 miles to the east respectively, making this a prime retail location for central Georgia.

 

Bessemer, AL: Rebounding Strong with Growth Potential

Located in the Birmingham-Hoover metropolitan area in Alabama, the city of Bessemer has grown from an iron ore manufacturing town to a growing city welcoming the likes of Dollar General and Amazon. 

 

As a diverse mix of companies and industries have moved into the market, there are considerable efforts being made to promote job growth.  

 

“The people of Bessemer have built a great community and take pride in their history,” said Barry McWhirter, CEO of McWhirter Realty Partners. “We’re excited to be working alongside them to welcome the positive changes happening in the city that are positioning it for a successful future.”   

 

McWhirter Realty Partner’s opened its Bessemer office in 2018, located on the UAB Medwest Campus just two miles from the new Amazon Fulfillment Center. The anticipation of the new center is stimulating retail, restaurants and housing to support the 1,500 jobs being created. 

 

McWhirter is seeing an increase in medical leasing, recently securing two new medical office leases in excess of 4,000 SF, and is getting calls to show additional available space.

 

The McWhirter Realty Partner’s office is managed by Tanya L. Shubert, who has 20 years of experience in healthcare management, and Austin L. Purvis who serves as assistant property manager. For more information on available space, please contact Barry McWhirter at 770-955-2000.

 

Project Management: 

Roofing Services

Greer Hughes

A building’s roof system is one of the hardest working components of a building and represents a significant capital investment. Unfortunately, most of the attention directed to a roof is reactive and often driven by a crisis. A damaged roof can be costly to repair and can cause other building components to deteriorate.

 

Building owners want a long-lasting roof that keeps occupants dry and provides good insulation. Therefore, a good preventative maintenance strategy is the best thing an owner can do to maximize the life of the roof. In fact, the National Roofing Contractors Association (NRCA) states that good preventative maintenance extends the service life of a roof between 30 to 100 percent. 

 

Preventative maintenance programs for roofing systems typically focus on three areas: roof material and seams, flashing and penetrations. The program is designed to repair or replace system components before they fail. A comprehensive preventive maintenance program consists of a regular maintenance schedule which includes bi-annual roof cleaning, quarterly roof drain cleaning and a monthly walk-through.  Maintenance engineers, property managers and landscapers need to work together to ensure all trees and limbs are pruned away from the building to provide a free and clear roof system. Excess debris from landscaping can clog roof drains and gutters, causing a water penetration at the roof line or downspout. 

 

Our experience proves that the cost of properly maintaining a roofing system is almost always less expensive then repairing or replacing it prematurely. We pride ourselves on implementing the most proactive maintenance measures to ensure efficiency and cost savings for our clients.

 

Owner Occupied Sales 

Peyton McWhirter

Headlines are being made across the commercial real estate world as investors purchase leased or partially leased properties in industrial, office, retail and multi-family buildings as investments. While these sales are predominately made by large institutional buyers, there has been a significant increase in small capital investors attempting to purchase 1031 (tax deferred exchange) properties to replace their sold assets. A potential benefit fueling this trend among small investors is the ability to postpone paying capital gains taxes.

 

We’ve also seen an increase in owner occupied building sales in the past 18-24 months with buildings being purchased by Metro Atlanta businesses for their own occupancy.

 

Why is owner-occupied activity increasing?

1.     Favorable loans:

  •  5 year term, 15 year amortization at 3.6% with 85% financing available
  • 10 year term, 20 year amortization at 4.17% financing available
  • 15 year term, 25 year amortization at 4.33% financing available



2. The leasing market is strong. Business owners are taking advantage of the low interest rates and realize the cost to purchase an existing property is less than building a new facility, and in many cases less occupancy costs than leasing.

 

From January 2018 to July 2019, industrial sales in Cobb County ranged from $27 - $125 SF for locations between 15,000 SF - 75,000 SF. McWhirter Realty Partners represented the following owner-occupied sales:

 

3075 Jonquil Drive, Smyrna, GA- 50,000 SF building - $2,325,000 or $48.13 SF 

1178 Hayes Industrial Dr., Marietta, GA38,240 SF building – $2,304,000 or $60.25 SF

1755 S. Cobb Industrial Drive, Smyrna, GA= 20,000 SF building - $1,500,000 or $75 SF

 

We anticipate that this trend of high-volume owner-occupied sales will continue until the lending environment becomes less favorable and/or construction costs decline.

PROPERTY SPOTLIGHT

FOR LEASE: Single-Tenant Office Building

2303 Cumberland Parkway

Atlanta, GA 30339

 

Property Details: 

15,140± SF

1.47± AC

58 Parking Spaces

Excellent access to I-285, US 41 and I-75

Rental Rate: $19.50/SF, net

 

The building is located within the 30+ million square foot Cumberland/Galleria submarket, home to many large tenants including Synovus Bank, The Home Depot, Genuine Parts, and Comcast, and is in very close proximity to popular attractions such as SunTrust Park (Home of the Atlanta Braves), The Battery Atlanta, Cobb Performing Arts Center, and Cobb Galleria Centre. 

 

2303 Cumberland Parkway is ideal for corporate headquarters, general office, and/or a medical office use.