Profile of Macon Transactions

The following is a profile of recent commercial transactions completed. For information on any of these transactions or the real estate market in general, please call me at 478-746-9421.

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Office Space

Suburban

  1. 1,030 sf leased in Zebulon Road/I-475 area for 3 years at average rent of $12.50 psf. Landlord handles major HVAC, taxes, Insurance and CAM. Owner cleaned carpet and painted.
  2. 9,000 sf free-standing office building in I-475/Mercer University Drive area leased for 5 years at an average of $6.08 psf with Owner handling major HVAC repairs, structure and Tenant paying Taxes, Insurance and CAM. Space leased as is.
  3. 1,000 sf leased in Zebulon Road/I-475 area for 2 years at an average of $12.50 psf with Tenant paying Taxes, Insurance and CAM, and other repairs except roof and structure. Owner painted and cleaned carpet.
  4. 1920 sf on Zebulon Road in I-475 area leased for 3 years at average rent of $12.80 psf, NNN. Tenant Improvements were under $5.00 psf.
  5. 5,100 sf free standing building in Forsyth Road area leased for 3 years at an average of $10.90 psf rent plus taxes and insurance. Use was special purpose.
  6. 1,000 square feet of class A space leased in Zebulon Road/I-475 area for an average of $12.50 per square foot, NNN over three year period.
  7. 1,500 square feet of office space with road frontage leased in the Thomaston Road/Heath Road area for $10.30 per square foot, gross, for 5 years.
  8. 4,749 square feet, located in three story office building in the Riverside Drive/I-75 area of Macon, leased for average of $17.00 per square foot range with services.

Downtown

  1. 1,234 sf leased in Central Business District, Downtown Macon for an average of $14.00 psf with services plus parking. No improvements.
  2. 1,160 sf leased in Central Business District, Downtown Macon for an average $13.75 psf with services plus parking. Owner painted and cleaned carpet.
  3. 9,880 sf in Central Business District leased for 3 years at $13.83 psf average rent with full service and under $5.00 psf tenant improvements, plus parking.
  4. 1,161 sf in Central Business District leased for average rent of $13.33 psf. Full service with no improvements.
  5. 2,207 square feet leased in the Central Business District for an average of $15.00 per square foot, with services, on a two-year lease.
  6. 4,300 square feet leased in Central Business District for $17.15 per square foot with services and 25.00 per square foot tenant improvement allowance.
  7. Approximately 1,900 square feet located in Macon Central Business District, leased for average rent of $14.80 per square foot for 5 years.

Retail

  1. 1,500 sf freestanding building leased at Shurling Drive near Shurlington Plaza – one year lease at $9.80 psf with Owner paying Taxes and Insurance.
  2. 2,000 sf Shopping Center space in Colonial Macon Mall area leased for 3 years at an average rent of $10.40 psf, 3 net. Owner provided basic retail finish.
  3. 1,225 sf Shopping Center space in Macon Mall area leased for 3 years at an average rent of $13.50 psf, 3 net. Owner provided basic retail finish.
  4. 1,300 sf building on .6 acres located on Shurling Drive, leased for $1,450/month for one year with option to buy. Owner pays Taxes, Insurance and Maintenance.
  5. 3,600 sf retail space in Colonial Macon Mall area, leased for 3 years at $11.00 psf plus $1.25 psf pass thru expenses.
  6. 2.700 sf auto service building in south Macon leased for 3 years at $8.90 psf gross without tenant improvements.
  7. 1,800 square feet of retail space leased on Jeffersonville Road in Macon, for an average of $4.67 per square foot, gross, over a five-year term.
  8. 2,500 square feet located on Mercer University Drive west of Pio Nono for three years at an average rent of $6.50 per square foot, NNN.
  9. Approximately 900 square feet leased in the south Pio Nono area, just north of I-75 interchange for three years with an average rent of $10.00 per square foot, NNN.
  10. 1,100 square feet located on Northside Drive, leased for one year at an average of $7.77 per square foot, NNN.
  11. 1,200 square feet located in a retail center in the Macon Mall area, leased for three years with an average rent of $14.30 per square foot, NNN.
  12. 2,900 square foot 5-bay automotive service facility in south Macon sold for $145,000.

Warehouse/Industrial

  1. 2,500 sf leased in Mercer University Drive area for 3 years at $4.24 psf average rent, plus Taxes, CAM & Insurance.
  2. 103,000 sf Industrial Building in South Broadway area sold for $750,000 or $7.28 psf.
  3. 4800 sf building in Broadway area with 2600 square feet of showroom and balance warehouse on 1.5 acres sold for $70,000 in 2004.
  4. 14,400 square foot warehouse/service building located off Emery Highway in east Macon, sold for $245,000. Building comprising approximately 1000 square feet office space with the rest warehouse on 1.4 acres.
  5. A 15,000 square foot office/warehouse building with 5,000 square foot office/showroom located in Mercer University Drive/I-475 area, leased for $5.75 per square foot, 3 net, in 2004.
  6. 3,500 sf office/warehouse space in downtown industrial district with approximately half finished office and one drive in overhead door. Leased for $3.43 psf gross for one year in 2004.
  7. A 25,000 sf light manufacturing building on 4 acres in Ocmulgee East Industrial Park leased for 3 years at $2.90 psf 3 net.
  8. A 3,600 square foot free-standing office/service building with about 50% office located near Ocmulgee East Industrial Park, leased for an average rent of $3.34 per square foot, gross, for three years.
  9. A 19,100 square foot space located near the Allied Industrial Park, leased for three years at $2.51 per square foot gross.
  10. A 15,200 square foot warehouse distribution area with approximately 1,000 square feet of office space, located near the Ocmulgee East Industrial Park, leased for $2.53 per square foot, gross.
  11. A 3,200 square foot warehouse located near the Ocmulgee East Industial Park, leased for $3.38 per square foot gross for one year.
  12. A 6,000 square foot office/warehouse space located on Mercer University Drive just west of Pio Nono Avenue, leased for $3.00 per square foot gross, for one year.
  13. A 1,864 square foot office/warehouse building with 50% office and located off Hawkinsville Road on approximately ¾ of an acre, leased for $6.44 per square foot gross for one year.
  14. A 3,000 square foot office/warehouse building located in Payne City, leased for $2.25 per square foot, gross, for one year.
  15. A 37,500 square foot office/warehouse space located near the Ocmulgee East Industrial Park, for five years, at $2.40 per square foot gross.
  16. A 70,000 square foot office/warehouse building on 4 acres located near the Allied Industrial Park sold for $450,000.
  17. A 16,000 square foot warehouse/service building located on Third Street leased for 3 years at $1.76 per square foot gross.
  18. A 3,000 square foot 5-bay service building off Hawkinsville Road on one acre leased for average rent of $3.60 per square foot gross for 3 years.

Investment

  1. A 2,600 sf building divided for 3 tenants with $1,800/month rent, sold for $163,500 in 2004, 10 cap rate.
  2. A 14-unit brick duplex property built in the 1940's, located in Napier Avenue/Hendley Street area of Macon sold for $225,000 or $16,000 per unit in 2003. Unit mix was 6-2 BR units and 8-1 BR units.
  3. A 10 unit apartment building in the Vineville Avenue area of Macon sold for $260,000 in 2003 or $26,000 per unit. All units were 1-BR with central heat & air and stacked washer and dryers.
  4. A 9,000 sf building occupied by a Dollar Store in Byron, GA sold for $250,000 or 9 cap rate.
  5. A two tenant 4700 sf office building in the north Macon area sold for $430,000 in December 2003. Purchase based on $47,000 in current net income.
  6. A 60 unit apartment community in Milledgeville sold for $1,895,000 ($31,583 per unit)in September 2004.

NOTE:  The information provided is not intended for use in the valuation proves but is merely an overview of transactions in the area.

Featured Properties

2351 Hubbard Road, Bldg B

A 23,000 sf building with 3,000 sf climate controlled storage available and approximately 300 sf office area and a restroom.

KIA Dealership Bldg

Originally built as Lincoln Mercury Dealership. Contains 25400 sf on 5.7 acres. Modern showroom, parts and service area

Rivergate Shopping Center

Publix anchored center with 2,300 to 15,000 sf spaces available. Some are easily converted to office use. Prices range from $12 to $22 psf. Second floor space is 3000 to 15,000 sf and is served by an elevator.