Coro Realty Advisors, an Atlanta-based retail owner and operator, announced today that it acquired The Shops at Spire in Midtown Atlanta, GA. This property represents the final piece of a Midtown retail and parking portfolio previously owned by The Loudermilk Companies. The purchase was brokered by Kenny Holzer and Elliot Kyle of Skyline Seven.
The Midtown portfolio contains 87,905 square feet of ground-floor retail and over 600 parking spaces in five residential condominium buildings, as well as a nearby parking lot. The properties include retail space at 800 Peachtree, 805 Peachtree, Shops at Seventh, Shops at Spire and Shops at Viewpoint. National tenants at these properties include Starbucks, BB&T, Sprint and Atlanta's first urban QuikTrip. Other notable tenants include Einstein Brothers Bagels, Fresh 2 Order and World of Beer.
When added to Coro Realty's Gordon Biersch at 848 Peachtree Street, the portfolio gives Coro Realty control over almost all of the public parking and retail on Peachtree Street between 5th and 7th Streets.
As a part of this transaction, Coro Realty also acquired a 0.12 acre parcel on Juniper Street. The parcel is zoned SP-16, allowing for high density development as part of a larger future land assemblage.
"We see this deal as a long-term play for Coro Realty and its investors. This is a strategic investment in Midtown's continued growth and densification." stated Robert Fransen, Partner at Coro Realty. "It's hard not to be optimistic about Midtown right now," Fransen added.
The Midtown portfolio is part of Coro Realty's strategy to purchase and develop High Street Retail. The Midtown portfolio joins similar Coro Realty properties like The Brookwood, Glenwood Park, Hanover Perimeter, Inman Quarter and Parkview on Peachtree.
Coro Realty Advisors, LLC was founded in 1997 and is synonymous in Atlanta and the Southeast with intelligent real estate development and investment. The firm engages in Investment, Asset Management, Leasing and Property Management for a myriad of residential and commercial properties throughout the Southeastern United States.
