This Week's Atlanta Deal Sheet: Invest Atlanta Buys Parking Deck For Resi Conversion Play
Invest Atlanta now has the parking for all those future residents of its planned 2 Peachtree St. residential conversion.
IA 2 Peachtree LLC, an affiliate of the city’s economic development agency, paid $18.4M for the 535-space 15 Peachtree St. parking deck in the heart of the Five Points business district in Downtown Atlanta. The seven-story building also has office and retail space and is bounded by Peachtree, Decatur, Wall and Pryor streets.
Invest Atlanta purchased the property from an amalgam of 24 owners stemming from generations of pass-downs that began 130 years ago when John Inman gave the property to his daughter and son-in-law, John Grant. Atlanta businessman H.I. Kimball developed the six-story, 500-room Kimball House hotel in 1870 — the largest hotel in Atlanta at the time — which burned to the ground in 1883, according to the Atlanta History Center. A second hotel rebuilt on the site was torn down in 1959 to make way for the parking deck.
Ackerman & Co. Senior Vice President John Speros represented the majority of the owners of 15 Peachtree in the transaction. JLL Executive Vice President Paul Hanna brokered the deal for Invest Atlanta.
The purchase comes as Integral Group, The Atlantic Cos., brokerage firm T. Dallas Smith & Co. and Underground Atlanta owners Lalani Ventures team up to redevelop the 41-story, 988K SF 2 Peachtree into a 220-unit workforce housing tower for Invest Atlanta as the city pushes to create and preserve 20,000 affordable units by 2029.
Leases
The Greater Atlanta Home Builders Association signed a lease for more than 11K SF at 925 North Point Parkway in Alpharetta, a four-story, 167K SF, Class-A office property off Georgia Highway 400 near Avalon. Cresa Managing Director Tom Tindall and principal Brooks Morris represented the homebuilders trade association. The landlord is an LLC that appears to be an affiliate of Dallas-based Macfarlan Capital Partners.