Urban retail center in Midtown Atlanta trades for $38M
JLL Capital Markets closed the sale of 1010 Midtown in the heart of one of the Southeast’s fastest-growing submarkets
ATLANTA, Feb. 7, 2022 – JLL Capital Markets announced today that it has closed the $38 million sale of 1010 Midtown, a 44,302-square-foot urban retail center along Peachtree St. NE in the heart of Atlanta’s Midtown area, one of the largest and fastest-growing submarkets in the Southeast.
JLL marketed the property on behalf of the seller, The Ardent Companies, LLC. East Coast Acquisitions purchased the asset.
Completed in 2008, 1010 Midtown is 94 percent leased to a curated mix of high-performing tenants, including Sugar Factory, RA Sushi Bar, Piedmont Healthcare, Silverlake Ramen, Better Homes and Gardens Real Estate, Panera Brad, Sweathouz, Chipotle and Sage Dental. The center comprises the ground level of a 425-unit luxury condominium building that was not included in the sale.
1010 Midtown is positioned at 1080 Peachtree St. NE at the epicenter of Midtown Atlanta, which attracts a “who’s who” roster of corporate and technology tenants. Additionally, the “main and main” location offers unparalleled walkability, and the property serves a dense customer base that, within a two-mile radius, includes a daytime population of more than 216,773 and a residential base of 109,750, which is anticipated to grow 12.2 percent by 2026.
The JLL Retail Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Brad Buchanan, Senior Managing Director Jim Hamilton and Associate Andrew Kahn.
“1010 Midtown is a rare, generational asset located in the heart of Midtown, Atlanta’s urban core and one of the fastest-growing submarkets in the Southeast,” Buchanan said. “The property is home to a mix of well-known national and local retailers that cater to a large daytime population and is within walking distance to a plethora of notable Fortune 500 companies.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Ardent Companies, LLC
Ardent is a privately held real estate firm focused on opportunistic and diversified equity and debt fund investment strategies across all real estate asset classes. With significant industry experience and a $3 billion investment track record, Ardent leverages its established relationships and capital flexibility to attain a diverse set of risk-adjusted investments across the United States and western Europe. The firm seeks opportunities with an innovative and disciplined approach, making material co-investments alongside operating partners for maximum alignment. As the firm continues to build upon its infrastructure, portfolio, and footprint, Ardent is committed to creating a positive impact on its employees, investors and communities.
About East Coast Acquisitions
East Coast Acquisitions (ECA) is a full-service real estate investment firm headquartered in Tampa, Florida. ECA’s team of dedicated professionals bring over 50 years of experience in acquisition and management of grocery anchored retail, industrial and mixed-use assets. Founded in 2014 by Elliot Sasson and Chris Wild, ECA prides itself on its ability to offer its investors a complete range of services which encompass the life cycle of a given investment, from acquisition through disposition.