The property at 359 East Paces Ferry Rd. in affluent Buckhead, eight miles from Downtown, will be renovated and leased as a multi-tenant office structure, brokers familiar with the property tell GlobeSt.com. Robin Loudermilk is the son of R. Charles Loudermilk Sr., founder, chairman and CEO of locally based Aaron Rents Inc. whose headquarters is near the acquired property at 309 East Paces Ferry Rd.
Cleveland, OH-based Developers Diversified Realty Corp. is the only tenant in the building, occupying 4,000 sf as a satellite office. Developers Diversified acquired JDN in 2003 in a $1-billion cash-and-stock transaction.
In a separate venture, Robin Loudermilk, his father and developer George Rohrig are partnering with locally based Novare Group and Wood Partners in a planned 27-story, retail-oriented condominium tower on the 1.8-acre site of the former Atlanta Cabana Motor Hotel in Midtown, as GlobeSt.com previously reported. Charles Loudermilk and Rohrig, a local developer and property owner for 26 years, formerly owned the motel at Peachtree and Seventh streets.
Another Loudermilk family member, Robert C. Loudermilk, president, chief operating officer and a director of Aaron Rents Inc., bought a former nightclub site at 293 Pharr Rd. in Buckhead Village earlier this year. The property will be redeveloped as a retail and residential venture but not a bar, brokers in that submarket tell GlobeSt.com.
Robin Loudermilk, convinced the 50 licensed liquor establishments on the east side of Buckhead Village are hurting the area's small-town image, has formed a business-owner group called Buckhead Alliance. The group is trying to convince other property owners in Buckhead Village to rent their premises to any business but a bar operation, brokers in that submarket tell GlobeSt.com.
"He's already started buying up businesses that hold liquor licenses and transforming them into other commercial ventures," a Buckhead broker familiar with the movement tells GlobeSt.com.
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