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Restoration Hardware's upscale furniture gallery in Buckhead has new out-of-town institutional owners.
Chicago-based LaSalle Investment Management's value-add fund purchased Restoration Hardware's Gallery, the six-story, 64K SF building in Buckhead Village that once was ESPN Zone.
Sales price and seller were not disclosed. But The Saporta Report writes that LaSalle purchased the property from real estate investor Peter Blum and Atlanta businessman J. Mack Robinson, who has owned the property since 1995, for more than $33M. Robinson died in February 2014.
Opened in 2014, Restoration Hardware made the Buckhead store one of its first flagship galleries in the U.S. According to LaSalle, the property sees an average of 60,000 vehicles pass it a day and is in a demographic area with an average annual income of $121K. Restoration Hardware CEO Gary Friedman has previously told investors that the Buckhead store has been a strong performer.
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