ATLANTA—A retail and parking portfolio in Midtown Atlanta has traded hands. The sale price: nearly $46 million, or $500 per square foot. Coro Realty acquired the assets from Loudermilk Development.
Skyline Seven Real Estate's Elliott Kyle and Chase Murphy were the exclusive brokers in the sale of five street level retail assets, in addition to parking decks and surface lots, in the heart of the Midtown Mile on Peachtree Street. The portfolio consists of approximately 85,000 square feet, with tenants including BB&T, Starbucks, Fresh2order, Five Guys, Sprint, the only QuikTrip in the country without pumps, and more.
“This is considered irreplaceable retail in a section of Atlanta called the Midtown Mile,” Kyle, vice president of investment sales at Skyline Seven. “There are some 22 projects being developed now in Midtown. This is the hottest part of Atlanta and possibly the Southeast. The majority are mid- and high-rise multifamily towers, mixed with office and condos. This has become the focal point area for live-work, and with many technology companies moving to the area. Think of Michigan Avenue in Chicago, or parts of Manhattan.”
The street level retail assets are part of the Shops at Spire, Shops at Viewpoint, Shops at Seventh, 800 Peachtree and 805 Peachtree. All three are trophy assets. Kyle reports a number of highly competitive offers from across the country.
“Many people in our industry thought that Robin Loudermilk would never sell these assets. He hired my firm as the exclusive broker, and we did a full marketing campaign, where competing offers came in from as far as Russia.”
Who will be the winners in retail real estate? Get one opinion here. And check out this retail trend fewer are discussing.
ATLANTA—A retail and parking portfolio in Midtown Atlanta has traded hands. The sale price: nearly $46 million, or $500 per square foot. Coro Realty acquired the assets from Loudermilk Development.
Skyline Seven Real Estate's Elliott Kyle and Chase Murphy were the exclusive brokers in the sale of five street level retail assets, in addition to parking decks and surface lots, in the heart of the Midtown Mile on Peachtree Street. The portfolio consists of approximately 85,000 square feet, with tenants including BB&T, Starbucks, Fresh2order, Five Guys, Sprint, the only QuikTrip in the country without pumps, and more.
“This is considered irreplaceable retail in a section of Atlanta called the Midtown Mile,” Kyle, vice president of investment sales at Skyline Seven. “There are some 22 projects being developed now in Midtown. This is the hottest part of Atlanta and possibly the Southeast. The majority are mid- and high-rise multifamily towers, mixed with office and condos. This has become the focal point area for live-work, and with many technology companies moving to the area. Think of Michigan Avenue in Chicago, or parts of Manhattan.”
The street level retail assets are part of the Shops at Spire, Shops at Viewpoint, Shops at Seventh, 800 Peachtree and 805 Peachtree. All three are trophy assets. Kyle reports a number of highly competitive offers from across the country.
“Many people in our industry thought that Robin Loudermilk would never sell these assets. He hired my firm as the exclusive broker, and we did a full marketing campaign, where competing offers came in from as far as Russia.”
Who will be the winners in retail real estate? Get one opinion here. And check out this retail trend fewer are discussing.
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