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Local Investor Betting On Former Peachtree-Pine Shelter Area

String of retail buildings at 489-496 Peachtree St.

Fast on the heels of the closure of the Peachtree-Pine homeless shelter, one investor is betting on the redevelopment of the surrounding area.

SoNo on Peachtree LLC, an unidentified local investor, has purchased a string of smaller buildings at 489-496 Peachtree St. and 496 Courtland St. from Steve Nygren for $5.3M. The buildings, totaling 49K SF, are home to a smattering of local retailers, including Ocean Catering Co. and the Peachtree Barber Shop.

But the buyer is holding for a longer-term plan to redevelop the properties, Bull Realty partner Andy Lundsberg said. Lundsberg and Gene Kansas Commercial Real Estate founder Gene Kansas brokered the sale on Nygren's behalf.

“The impetus for the sale was the closing of the Peachtree-Pine homeless shelter located next door,” Lundsberg said. “The site is considered a prime redevelopment opportunity with six parcels and three buildings.”

Lundsberg did not indicate what the potential redevelopment plans could be, but the property, across from Emory University Hospital, sits on an acre of land. Earlier this summer, Central Atlanta Progress reached an agreement with the Peachtree-Pine homeless shelter operators to buy the facility and move its operations elsewhere.