Published on August 12th, 2015 |1
S. Buckhead iconic office building and aging retail center sold
The 1776 Peachtree office building—so named because of its south Buckhead address on Peachtree Road—was sold by HighBrook Investment Management to TPA Group LLC for an undisclosed purchase price. TPA Group is headed up by well-known real estate executive Brad Smith.
The 214,000-square-foot office building was purchased in early 2014 by HighBrook Investment Management for $11,050,000, according to a Colliers International report dated February 2014.
New owner, Brad Smith is poised to upgrade the building, according to a report by real estate follower Tony Wilbert. “Rents could jump from mid- to high-teens to the upper $20s in the seven-story, 214,000-square-foot complex if all goes according to plan,” Wilbert reports.
Previously, 1776 Peachtree was best known as home to Gregory’s Snack Bar, according to Wilbert’s report. But that was in recent times. Old timers in Atlanta remember that 1776 Peachtree was even better known as home to the Coach and Six restaurant—one of Atlanta’s favorites in the old days.
To read Wilbert’s full Skyline Views report, click here.
Shops at Collier Hills sold
In the other transaction, The Shops at Collier Hills, a 19,000-square-foot aged retail center at the corner of Collier Road and Defoor Ferry, was purchased by Atlanta-based Premo Property Group for more than $2 million, according to a report by Bisnow Online Real Estate.
The center reportedly is about to get a big renovation “to attract prolific chef-driven restaurant business in the area,” according to the Bisnow story.
“The property has long been overlooked, but the 1.27-acre parcel is prime for redevelopment in the continued hot Westside market,” Highgate Partners’ Beau Terrell, who brokered the sale for Premo, told Bisnow.
The property is surrounded by more than 350 high-income homes where households earn more than $116,000 annually, according to the Bisnow article.