Northmarq’s Atlanta office completes sale of brand-new Tesla service center
ATLANTA (Nov. 17, 2023) — Mike Sladich, regional managing director based in Northmarq’s Atlanta office, has completed the $13.85 million sale of a brand-new Tesla service center in the North Druid Hills community of Atlanta. The 27,800-sq.-ft. property is a turn-key building remodel of a former Whole Foods grocery store. Sladich represented the seller, Blanchard Real Estate Capital.
“We were very pleased to transact on a larger net lease asset in the current environment that also required a debt component for the buyer,” said Sladich. “This is a great example of the market still being strong for blue chip tenants in major metros; there isn’t a treasury yield or CD account that can compare to the long-term appreciation of trophy assets.”
Located at 2121 Briarcliff Road NE, the single-tenant property is ideally located in a premier submarket. The North Druid Hills corridor is poised to become a world-class medical and bioresearch district as Emory Healthcare continues expanding in the area. The property is situated on 3.35 acres with excellent access and visibility at the signalized intersection of Briarcliff Road NE and Lavista Road and just seven miles from downtown Atlanta.
Tesla is one of the fastest growing and market-moving companies in the U.S. and continues to lead the competitive electric vehicle market. Remodeled in 2022, the property serves as Tesla’s first metro Atlanta location. The tenant operates on a new double net lease.