231 Riverside Drive

Property Description

Property Overview

• This Class “A” Office is uniquely situated in downtown Macon, Georgia just off the entrance ramp to Interstate 16.  Located on the only office property adjacent to the Ocmulgee River, this beautiful, high-end, office building is 100% occupied.  The two long term tenants have occupied their spaces since 2007.
• The leases are full service with annual escalations based on CPI index.  The anchor Tenant’s lease of 38,864 RSF expires December 2031 with the secondary Tenant’s lease expiring in 2022.  Landlord is responsible for building maintenance, utilities and janitorial.  TI Real Estate, the current management company is positioned to continue management for new ownership.  This building is in pristine condition, with no deferred maintenance.  Buyer must assume the mortgage which has a fixed rate of 4.58% for approximately 4 years or pay the hedge premium on the existing loan.

Property Highlights:

• Total Square Feet – 43,500± (Excluding 7,000± SF Basement)
• High end construction
• 100% occupied – Two Tenants
• Currently generating gross income of $951,560 annually
• Buyer Profile: Investment Grade, Passive
• Extensive Renovation:  16,420± SF in 2006
• Expansion 1:  17,150± SF in 2006
• Expansion 2:  9,930± SF in 2018
• Roof Type:  Flat, Built-up
• HVAC:  Building Automation System, Electric