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BREAKING NEWS: MIDTOWN PLACE SELLS

WASHINGTON DC 03.16.2017

CAPITAL MARKETS AND REAL ESTATE FINANCE

Investing in 2017, Hot Markets, and the Ever-Changing Capital Stack

Mark Hertz -- AIG Global Real Estate
Sujan Patel -- Colony NorthStar
Joe Carter -- Wells Fargo
BREAKING NEWS: MIDTOWN PLACE SELLS
Atlanta's retail investment sales market, which has hit some singles this fledgling season, finally has an extra-base hit: the sale of high-profile Midtown Place, home to PetSmart, Whole Foods, and a magnolia tree off which Babe Ruth once bounced a double.
 
Midtown Place

Coro Realty confirmed to us late yesterday that it has acquired Midtown Place, which we thereupon immediately snapped across Ponce from City Hall East. The new owner turned reticent, however, when we asked the price, but retail brokers say it's likely $20 million or more. The seller, Sembler, developed Midtown Place on the site that once housed Ponce de Leon Park, home of the legendary Atlanta Crackers minor lease baseball team. The Crackers crumbled in 1965, a year before the Milwaukee Braves moved to Atlanta. In the late '90s, Sembler shepherded plans for Midtown Place through a contentious  entitlement process that ended with a commitment to spare the magnolia tree.

Midtown Place

Atlanta's burgeoning in-town population flocks to the shopping center, in part because the 257K SF center offers retailers that are typically found in more-proven  retail submarkets. It's also home to a Home Depot that's not part of Coro?s purchase.