195 Units & .28± Acre Outparcel in Atlanta, GA (DeKalb County)
ALL REMAINING ASSETS - 195 Units and .28± Acre Outparcel ALL UNITS SELL TOGETHER Thursday September 30, 2010
Auction Location
Sold for $1,072,500
Property Description: ALL UNITS SELL TOGETHER. 4001 Presidential Parkway, Atlanta, GA 30340 - The Solaris Building (a.k.a. Marquis Towers) is a 14-story, mixed-use complex located at 4001 Presidential Parkway, Atlanta, GA (DeKalb Co.) The building is situated at the junction of I-285 and I-85, one of the most visible locations in all of Metro-Atlanta and affectionately referred to by Atlanta natives as “Spaghetti Junction.” This convergence connects the city’s northwest suburbs and Athens, GA (home of the Univ. of Georgia) to the city center. Originally built in 1973 as a hotel, the building was later converted to office and residential condominiums.
The auction includes 189 of the building’s total 234 upper-level units plus 8 retail units on the 1st Floor (total 197 units) and a ~0.28 acre parcel (see "Additional Parcel Included in Auction" under Documents) containing the rear parking lot (parcel 18 294 07 003). Typical upper-level units are ~450 square feet and include a full bathroom. All of the 14th floor two-story “penthouse” units (counted as two units in overall quantity) are included in the auction (see the "1st American Title Policy” attachments under Documents for exact listing of property as well as the Disclosure section below for details on unit 1401/1501 A). The site is zoned “OI” Office Industrial by DeKalb County.
Units By Floor Summary:
Under the Documents tab is a summary of the Units for Auction by Floor and the Condo Association Votes for Auction by Floor. The difference of five (5) between the two totals is due to units 107 and 112 being counted as 0.5 units each by the association documents and the four (4) two-story penthouse units (1401/1501, 1405/1505, 1409/1509 & 1415/1515) being counted only once by the association documents.
See Updated Rent Roll as of 9/8/2010 under the Documents link on the right hand side of the page for details.
The 1st Floor units (see "Floors 1-8..." under Documents for layout) included in the auction are currently operated as follows:
Unit #101: Mailroom.
Unit #104: Fitness Center
Unit #107: Laundry Room
Unit #109: Café/Small Restaurant
Unit #1010: Leasing/Management Office
Unit #1011: Leasing/Management Office
Unit #1012: Small Office
The following should not be construed as a comprehensive and/or legal description and is given solely to disclose notable portions of the property that are under separate ownership and therefore not included in the auction:
- The front entry, parking lot, and the swimming pool on the western side of the property (Parcel 18 294 07 001). Access and use rights of these spaces are stipulated in the condominium declaration documents
- The tennis courts on the western side of the property
- First floor night club/bar/restaurant area (parcel 18 294 08 013)
- First floor ~12,000 SF ballroom on the northwest side of the building (parcel 18 294 07 002)
- Roof signage rights
- 45 of the building’s 234 upper-level units, including the entire 12th floor
Property Inspection: September 27th from 10-12 noon or by appointment. Contact Auctioneer for instructions.
Directions: From I-285: Take Chamblee-Tucker Road, Exit 34; go West to 1st Street on Right; Take a right on Buckeye Drive and follow to Presidential Parkway. From I-85: Take Chamblee-Tucker Road, Exit 94; go East and take immediate left onto Presidential Parkway or take 5th left onto Buckeye Drive and follow to Presidential Parkway.
Terms: 10% non-refundable earnest money payable to Auction Management Corp. Escrow Account, sign as-is contract, close by October 29, 2010.
Closing Attorney: Closing is to occur at the offices of Brad Wolfe, Slutzky, Wolfe and Bailey, LLC, 2255 Cumberland Parkway, S.E. Building 1300, Atlanta, Georgia 30339-4517, phone 770-438-8000.
Disclosures:
Condominium Association: The condo association on Solaris was administratively dissolved in May 2008 solely for a failure to pay the required annual registration to the Secretary of State. It will be at the Purchaser’s discretion to file with the State for reinstatement of the association. However, this does not affect or undermine all unit owners within the development from all use and access rights of common elements within the property.
Unit 1401 A (Parcel 18 294 09 073): This unit/parcel is one of four two-story penthouse units located on the 14th/15th Floors. This unit was part of the Owner’s collateral but was inadvertently excluded in its October 2007 foreclosure. The Owner has since initiated the foreclosure process of this unit with an anticipated completion in November 2010. Because the auction, sale, and closing are expected to be completed prior to this foreclosure, the Owner is including in the auction an assignment of this mortgage to the successful bidder. In the event foreclosure on the unit occurs prior to closing, the deed to this unit will be included in the auction. Therefore, the successful bidder will have interest in all 18 of the 14th floor units and 17 of 18 units on the 15th floor, for a total of 189 of the buildings 234 upper-level units (total of 197 when including the 8 units included in the auction on the 1st floor).
