By Tony Wilbert, Wilbert News Strategies
ATLANTA (June 9, 2011) - Losing two anchor tenants within six months usually isn't a good sign for a retail strip center. But that's exactly what's happening at the Brookwood Place retail center on the Midtown/Buckhead border.
Yestderday, Kroger Co. announced it would close its Brookwood location July 8. The announcement came less than six months after Borders announced it would close its Brookwood Place outlet.
So, where's the positive side of this news? Both spaces will be quickly backfilled. In fact, the same day Kroger made its announcement, a company spokesman said art supply store Sam Flax had reached a tenantive agreement to lease the 36,000-square-foot space. (Given Brookwood Place's proximity to SCAD Atlanta, Sam Flax's likely move from Northside Drive makes sense.)
And hair products company Aveda leased the Borders space for its Atlanta Aveda Institute, currently located on Piedmont near Atlanta Business Chronicle's offices.
That both large retail spaces were taken off the market almost as soon as their tenants announced plans to leave is a good sign. Retail's resiliency could point to a rebound for the hardest-hit commercial property type. Now we'll see whether this trend makes its way up Peachtree to the former Pier 1 store. It's been closed for a while, and the owner recently hired a new broker to find a replacment tenant.
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