Wieland Buys Prime Peachtree Site From Woodruff Arts Center

ATLANTA-John Wieland Homes and Neighborhood has acquired a prime Peachtree Street site in Midtown from Woodruff Arts Center where the Atlanta developer and OvertonMurphy Interests LLC plan a mixed-use community of condominiums, retail space and an art gallery.

Wieland and Woodruff representatives declined to disclose the purchase price. “I haven’t even been told myself,” Woodruff public relations director Amber Rice tells GlobeSt.com. “I’ll know and you will know when the recorded price becomes public information” shortly.

However, Midtown office brokers familiar with the three small buildings on the site totaling 94,000 sf tell GlobeSt.com the structures were probably sold for about $200 per sf or an estimated $18.8 million. Shelton G. Stanfill, Woodruff’s president and CEO, says in a prepared statement the price “exceeded the set threshold, no contingencies to the contract and a quick closing.”