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East Atlanta Gym In Ace Hardware Spot May Not Happen

Property owner hires real estate broker to market Glenwood Avenue spot to others

The long-anticipated that was to have opened Aug. 1 in the old Ace Hardware store, may not happen after all.

Landowner Brent Cunningham has given the gym owners until Thursday to vacate the property.

Last week, he hired Ray Nestlehutt, a commercial real estate broker with Richard Bowers & Co. to begin marketing the 11,360-square-foot property at 1231 Glenwood Ave.

It's not entirely clear why the gym didn't open by its target date of Aug. 1, though the project was said to have hit some permitting issues it couldn't overcome by opening time.

No one returned a telephone call Tuesday seeking comment.

The gym also has a twitter account, but as of Tuesday afternoon, it didn't appear as if anyone connected with it had tweeted at all.

Some work had begun in the building's interior earlier in the spring, but the space hasn't seen any activity in weeks.

While it's possible the both sides could come to some 11th-hour agreement before Thursday, that seems remote.

Nestlehutt said he's already received four calls, including one formal proposal from groups based here and as far as New York and Chicago.

Though still in the early stages of marketing, Nestlehutt said one proposed concept calls for a specialty grocery/gourmet farmers' market and restaurant for the space.

The preference for the space is to lease it to one tenant, Nestlehutt said, but the owner is open to dividing the building to accommodate two tenants.

Any deal would have to be for at least a five-year term with per-square-foot lease rate running between the high teens to low $20s, he said.

Dave strohauer August 17, 2011 at 11:07 AM
That's $20k a month. For rent.
Helen August 17, 2011 at 02:03 PM
It would nice if the owners cleared up the graffiti on the side of the building. Hard to ask prospective clients that much rent when the place looks like a dump.
Mark Tinker August 17, 2011 at 03:58 PM
No wonder the deal's dead. Who thought a start-up gym could tote that note for long in the first place?
Lauren Janis August 17, 2011 at 04:25 PM
How nice a specialty store or farmers market/Restaurant would be wonderful. We have such great local produce and vendors that it would be a great addition to the hood
Mark Tinker August 17, 2011 at 04:35 PM
Sure would be. I dunno though, you'd have to sell a lot of tomatoes to pay that rent. Speaking of tomatoes, how about a strip club?
Audrey Gianaris August 17, 2011 at 05:32 PM
The rent mentioned is over a 5 year lease period - so it would be more like $3k-$4k per month.
Péralte Paul (Editor) August 18, 2011 at 04:24 PM
I don't think we want those kinds of clubs here in EAV, which is heaven on earth, LOL.

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