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January 6, 2014

IN THE NEWS – Ackerman-developed retail in Buckhead sells for $575 PSF


Amy Wenk
Atlanta Business Chronicle

A shopping center next to Lenox Square that underwent a major transformation has sold for a record price. Shops Around Lenox — a 125,000-square-foot open-air center off Peachtree Road in Buckhead — sold in December for $71.8 million. That’s about $575 a square foot.

RREEF, a subsidiary of Deutsche Bank, picked up the 7-acre property from Healey Weatherholtz Properties LLC.

Shops Around Lenox first opened in 1979 and was developed by Atlanta commercial real estate visionary Charles Ackerman. It originally was anchored by Tower Records and CompUSA.

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