Kimberly M. Starks, APR
Mobile: (404) 717-2502
(Black PR Wire) ATLANTA – An uncommon commercial real estate transaction where all parties are of color, closed on property in downtown Atlanta, Friday, next door to a high-rise building, the city of Atlanta purchased a month prior. The real estate broker who closed the transaction hopes the near million-dollar deal is the beginning of a changing tide for those seeking to own commercial real estate and professionals seeking entry into the field.
Commercial real estate broker Terri King, 37, marketed a 7,120 sq. ft. commercial unit on the base of The Metropolitan after opening her brokerage, in January, and sold it three weeks later, to an African-American cash buyer. The seller is a Canadian of Asian heritage who’d been trying to lease or sell the property for two years before King came into the picture.
On average, commercial real estate brokers are aging. According to Zippia, which provides industry demographics, the average age of real estate brokers is 49 years old, 70 percent white and 54 percent of them are men; whereas, African Americans of all genders make up 5 percent in the industry.
“There are very few Black women who are commercial real estate brokers,” King said. “This is a market that is not really touched by those who look like us.”
Commercial real estate is the leasing and selling of commercial property zoned for commercial use. Examples include office buildings, shopping centers, vacant land, industrial and self storage buildings.
Downtown Atlanta is thriving, particularly the area at Five Points, where Underground Atlanta is just one of the many projects undergoing a renovation. The city of Atlanta purchased a high-rise building at 2 Peachtree St. next door to The Metropolitan in February to transform it into affordable housing units.
Rarely is there inventory for sale downtown, however, King was steadfast, describing the find and its transaction as “pretty huge.”
“Downtown Atlanta is in its renaissance of new art and culture, and housing. Atlanta has a true city center,” King said, adding that she’d like to see more women in the industry.
“I would like to get to that point for Black people, people of color and women, because there's not enough here.”
To learn more about Terri King Commercial Real Estate, visit terriking.com.