December 6, 2018
Ackerman & Co.’s Retail Division Announces Sale of Two First-Class Assets in Buckhead for $23 Million
The properties, leased to Maggiano’s and Wells Fargo, fetched an average of $1,830 per SF
ATLANTA, December 6, 2018 – Ackerman Retail, a division of Ackerman & Co. and the exclusive advisor to the estate of Charles S. Ackerman, has brokered the sale of two sought-after properties in the Buckhead submarket of Atlanta: 3368 Peachtree Road for $12.75 million ($474 PSF) and 3465 Buckhead Loop Road for $10.25 million ($2,713 PSF). The properties are fully leased to Maggiano’s Little Italy and Wells Fargo, respectively.
The assets were purchased by a private investment company. Representing the seller, Ackerman & Co. Senior Vice Presidents Kevin Hermetz and Jimmy Stevens brokered the Maggiano’s transaction and Ackerman Retail Senior Vice President Sean Patrick and Vice President Stephen Lapierre brokered the Wells Fargo sale.
“This transaction is a new high-water mark for free-standing retail in the market. The interest was high and the competition to land these iconic properties was extremely aggressive as evidenced by the final valuations,” said Ackerman Retail President Leo Wiener, who led the effort for these estate sale transactions. “The best-in-market cap rates are a testament to the brilliance of Charlie Ackerman and his ability to aggregate intergenerational real estate.”
Located in the heart of the Buckhead business district, one of the Southeast’s most dynamic economic hubs, the properties are within walking distance to Atlanta’s two most upscale shopping centers (Phipps Plaza and Lenox Square), MARTA rail stations, upscale restaurants, luxury hotels and more than 17.5 million square feet of Class A, high-rise offices.
The two-story, 27,000-square-foot Maggiano’s restaurant property is located on Peachtree Road (traffic count of 47,500 vehicles per day) next to a MARTA rail station and offers 281 parking spaces. The single-story, 3,796-square-foot Wells Fargo property is located on Buckhead Loop Road at the signalized Lenox Road intersection (traffic count 53,000 vehicles per day) and features 30 parking spaces.
About Ackerman & Co.
Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast. The company, founded in 1967, retains an expert team of more than 100 real estate professionals. To date, Ackerman & Co. has developed and acquired more than 37 million square feet of office, medical, industrial, retail and mixed-use space, has nearly 8 million square feet under management and maintains an investment portfolio valued at $1 billion.
Ackerman Retail, a division of Ackerman & Co., offers a best-in-class services platform, delivering solid results for local and multi-market clients across the Southeast. To date, Ackerman Retail has completed more than 10 million square feet of transactions valued at $1.7 billion. For more information, visit www.ackermanco.com