Sometimes, it's just better for an apartment developer to take a piece of land to the bank.
Atlanta-based Perennial Properties just bought 1789 Peachtree St, a 19k SF office building that's home to Hanger Orthopedics, for $4.35M. It's a key Buckhead parcel that Perennial plans to land bank for a future multifamily project. Perennial's Jay McGinnity (right with Franklin Street's Jake Reid) tells us the company has no immediate plans to redevelop the property, but instead will wait until company execs feel the time is right.
Highgate Partners' Beau Terrell brokered the sale of 1789 Peachtree (here). And this isn't the only parcel in this stretch to sell recently. As we previously reported, Beau also was instrumental in the sales of 1781 and 1795 Peachtree St--both flanking this site--to various buyers in recent months. As Beau tells us, it's further evidence of investor interest in the long-ignored “SoBo” area of Buckhead.
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