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Neighbors, Developer Continue Talks as Peachtree Project Takes Dramatic Turn

ATLANTA (Nov. 14, 2013) - The largest development currently under consideration in south Buckhead, aka Brookwood, has taken a dramatic turn.

Until last week, plans called for a split eight- and four-story medical office complex (initially designed as tall as 146 feet) comprising more than 208,000 square feet of medical and ground-floor retail space.  

But plans for Cornersone Medical Building continue to changing significant as developer Bob Kern and his team meet with residents of Brookwood Hills and the Brookwood Hills Community Club. I attended a meeting earler this month and heard from Kern, Wesley DeFoor and other members of the development team.

Key changes include:

* The medical office complex now will be situated in a north/south configuration along Peachtree Road, instead of going deep into the property and closer to the single-family homes directly behind the property.

* Total rentable square feet in the building will drop to about 160,000, nearly 50,000 square feet less than originally planned.

* Kern's team will acquire the vacant Harrys in a Hurry site and SunTrust ATM in addition to Peachtree Cleaners and Peachtree Road Liquors.

* The team also will buy the Chick-fil-A store and make room for a better Chick-fil-A location insider its Cornerstone Medical Center development. The Harrys site, owned by the powerful Jim Cumming, has been vacant for several years and attracts homeless people who hang out around and behind the building.

* Kern's team revealed a new rendering of the development (see above). To check out the previous rendering, click here.

* The already-busy intersection of Peachtree and Collier roads would be improved, with a new, dedicated turn lane added across Peachtree from the Cornerstone development.

* The new medical office center will top out at 98 feet (similar to several adjacent properties such as 1819 Peachtree St.). Early this year, neighbors raised concerns about plans for the development to reach 146 feet.

* The development team tells Brookwood Hills neighbors it will not start on the project without a lead tenant.

That said, I bet they have one in hand, given that the group is ready to acquire proeprties along Peachtree for the development.

* Kern's team has hired superstar Carl Westmoreland as its new zoning attorney. Moreland joined Morris Manning & Martin, LLP last year.

Kern's team met again last night with Brookwood Hills neighbors. Atlanta's Zoning Review Board is expected to consider the latest plans for Cornerstone Medical next month. So, stay tuned as this plays out.

Update: Garden & Gun Southern Social Set to Celebrate Sid Mashburn's New Houston Location

Update: Garden & Gun says a Southern Social has been scheduled for Nov. 20 to celebrate the opening of Sid and Ann Mashburn stops in Houston.

ATLANTA (May 28, 2013) - One of Atlanta's top men's specialty stores is heading west.

Sid Mashburn, a dominant player in men's fashion in Atlanta, plans to open a store in Houston. The new store could open as early as this fall. I trust the company has a great retail broker scouting sites for the new location.

This is great news for Houstonians, including super tenant rep Coy Davidson, real estate hall of fame writer/NAREE insider Ralph Bivins, Associated Press newsman Harry Weber and insurance man Milton Collins.

Esquire just included Sid Mashburn on its Gold Standard List of Men/s Specialty Shop's. "These stores continuously riase the bar on what it means to be the best in the business," Esquire says in defining Gold Standard. Another Atlanta shop, Guffey's of Atlanta, made The A-List of stores that stand the test of time.

And GQ regularly recognizes Sid Mashburn himself as a fashion mastermind.

Here's how Sid Mashburn explains what he/his store does. 

"Our inspiration draws from Gordon Parks and Steve McQueen, from Charlie Feathers to Belle & Sebastian, from the 1971 BMW 3.0CS to the BMW 5 diesel station wagon — a fresh interpretation of old standards."

Full disclosure: I'm a Sid Mashburn customer, but neither I nor The Wilbert Group is his publicist.

Hendon Rocks Roars Back at ICSC RECon with Jenny McCarthy, Kick-Ass Lineup

Hendon Rocks, Atlanta developer Charlie Hendon's big bash at ICSC's RECon show in Vegas, is back at The Joint at the Hard Rock Cafe and better than ever. And he's got MTV star Jenny McCarthy in tow.
Check out this lineup. It's reminiscent of the rocking go-go days of past and a good sign retail is rebounding.

For Sale: The Prado in Sandy Springs; Could Fetch $80 Million

ATLANTA (Nov. 14, 2012) - The Prado, a familiar retail spot along Roswell Road near I-285 in Sandy Springs, is on the market.

The center, 98 percent leased, could fetch as much as $80 million, according to Real Estate Alert.

CBRE's National Retail Investment Group, has posted the listing for The Prado on its website. CBRE brokers Christopher Decoufle and Dennis Carson are representing the seller, Sembler Co. of St. Petersburg, Fla.

The 306,000-square-foot center is anchored by Publix, Staples, 5 Seasons Brewing Co. and Life Time Fitness. The self-standing Target is not part of the offering, RE Alert says.

DeKalb Farmers Market Wants to Quadruple in Size

ATLANTA (April 13, 2012) - Things must be going well at Your DeKalb Farmers Market.

The well-known and beloved purveyor or organic, fresh foods wants to add 518,000 square feet of retail space to its 140,000-square-foot spot at 3000 Ponce de Leon Ave. in Decatur. This, according to a Development of Regional Impact (DRI) filing that DeKalb County made with the state of Georgia.

In addition, DeKalb Farmers Market wants to add a new 718,367-square-foot warehouse and 2,637 new parking spaces. The new parking would increase the number of spaces at the location to 3,400.

DeKalb Farmers Market (pictured above in an ajc.com photo) opened June 2, 1977, with 7,500 square feet of space. The demand for and popularity of organic, fresh foods and farm-to-table restaurants has helped fuel fast-paces growth the farmers market. Today, DeKalb Farmers Market is a "140,000 sq. ft. true world market serving up to 100,000 people per week," accoridng to its website. 

If all goes as planned, DeKalb Farmers Market will be a lot bigger and serve a lot more people when the expansion opens in October 2013.

24/7 Barber Shop Filling Vacant Huey's Spot in Buckhead

By Tony Wilbert, Wilbert News Strategies

ATLANTA (Sept. 26, 2011) - Things are getting a little hairy on the strip of Peachtree Street that runs along Atlanta's Brookwood micro-submarket.

The hair care industry is filling a lot of vacant retail space in this 'tweener market. The latest is Ernesto's Cuts, a 24/7 barber shop setting up shop at the former Huey's location at 1816 Peachtree Road. The structure, built in 1946, is a mere 1,622 square feet inside. The Trilogy Group represents the landlord.

Ernesto's is moving from its old location in the Citgo center next to the Shepherd Center that could one day be home to a key Atlanta BeltLine hub. The new location is right next to the new, "Eco-Gorgeous" Brookwood condo building.

In addition to Ernesto's, a Sunny's Hair & Wigs outlet opened recently is a shuttered Sage clothing location, and hair care giant Aveda is close to opening an Aveda Institute training center and salon at the former Border's Books location at Peachtree and Deering. Henry James Salon, where you can get hair extensions and skin care, also recently opened on Peachtree in the Brookwood micromarket (brick building in background of photo).

It's anyone's guess about why so many hair care places are opening in outlets that used ot house restaurants and book stores. But like health care, you need to get your hair cut, hair done or hair elongated even in a double-dip recession.

As for Ernesto's opening in the neighborhood, I have mixed feelings. The former restaurant space at one time was slated to be a new Pig N Chick location, and that I love barbecue. As for haircuts, I'll stick with Tommy's. On the positive side, it's nice to see a too-long-vacant space about to be filled with a tenant.

On Sunday, workers used Bobcats and shovels to remove the shrubbery from the site along Peachtree.

The landlord at 1816 Peachtree, listed in Fulton County property records as MCS Realty Co. of McLean, Va., must be happy to have a new tenant. 

Hope they provide plenty of parking for the tight spot.

 

 

Retail Shows Some Resiliency on Midtown/Buckhead Border

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.

 

As ICSC Kicks Off, Spotlight Shines Spotlight on "Turnaround Artist"

LAS VEGAS (May 22, 2011) - This year's ICSC RECon will be bigger than usual for Mark Toro. Managing partner of North American Properties, he comes to the large retail real estate convention as new owner of Atlantic Station's Town Center in Atlanta.

On New Year's Eve 2010, Cincinnati-based North American teamed with CB Richard Ellis Investors to acquire the retail center for a deep discount - $78.5 million. Though the center was 88 percent occupied at the time, several retailers were said to be paying discounted rents.

At 534,000 square feet, Atlantic Station's Town Center is the heart of the mini-city that rose from the ashes of a former steel plant. It's also the most-watched component fo the development, and it's achieved mixed results at best. 

But Toro has a plan to revitalize the young retail center. He leveraged the power of Twitter, Facebook and ULI-sponsored charette-style meet up to help form ideas. And Toro's bold plans landed him on the cover of the May edition of National Real Estate Investor. The cover features a large photo of Mark standing at Atantic Station with the words "Turnaround Artist."

It's great timing for Toro because the issue will be the one read by thousands of RECon attendees.

Toro, who took to Twitter to talk about his trip to Vegas, is feeling pretty good about the market these days. "After years in the abyss, it feels great to be headed to #Vegas with a smile on our faces," he said on Twitter yesterday.

As for Atlantic Station, Toro continues to tell the story of how North American will "unmall" the Town Center. "It tried to be all things to all people," Toro told NREI writer Ben Johnson. "It wanted to be a mall, but it's not a mall."

 For more on Toro, check out this Q-and-A from WNS client Hartman Simons' blog.

Midwest Developer Plans Outlet Mall North of Atlanta

ATLANTA (March 24, 2011) - Four years after Cousins Properties filed plans to develop The Avenue Ridgewalk in Woodstock, a Midwest retail firm has filed plans to build a 435,000-square-foot factory outlet center on the site.

Horizon Group Properties of Michigan plans to open the outlet center on Woodstock Parkway near I-575 in May 2013, according to a filing made public by the state of Georgia. In addition to the retail center, the project would contain six outparcels.

Horizon has changed the name of the project from The Avenue Ridgewalk to The Outlet Shoppes at Atlanta. Horizon's website says "the site is highly visible from Interstate I-575" and has daily traffic counts that exceed 94,000 vehicles.

The center would mark Horizon Group's entry into the Southeast. The Cherokee Ledger News broke the story about The Outlet Shoppes yesterday. Bill Butler, CEO of Riverwalk Holdings, LLC, told the Ledger News a major announcement about the development would be made within a couple months.

The Great Recession slammed retail development in Atlanta, especially its suburbs. So it's nice to see plans for something new. Maybe the recession really is over.

 

Word on Streets: Buckhead Retail Project to Start Again in March

ATLANTA (Feb. 18, 2010) - The Streets of Buckhead, the ambitious upscale retail project from native son Ben Carter, is quiet once more today. But that could change next month.

Word on the streets of Buckhead is that construction on the on-and-off-again project will resume next month. Last month, Carter told The Wall Street Journal and The Atlanta Journal-Constitution that he planned to secure $200 million in new funding within 30 days. If so, the money could arrive next week.

This morning, during his "State of Buckhead" address before the Buckhead Business Association, unofficial Buckhead "mayor" Sam Massell, touted Ben Carter's fund-raising ability. Former Atlanta Mayor Massell also offered a litany of good news stories about his beloved Buckhead that have appeared in the past 30 days. Here's his list, courtesy of Atlanta INtown, which published the talk.

"And, if that’s not impressive enough, let me review with you a sample of news stories that appeared in local media JUST DURING THE LAST THIRTY DAYS: Vipel Patel is bringing his U.S. Café concept to Lindbergh Vista Apartments; Retailer of offbeat labels, Bill Hallman Studio has opened in 3400 Around Lenox; Tomo’s Sushi is opening in the Ritz-Carlton Residences on Peachtree; Sovereign sold a 48th-floor penthouse for a record closing price of $4.2 million, and another one for $2.35 million; Just Loaf’’n has opened at 3173 Roswell Road; Turner Construction has signed a 10-year, 30,000-square foot lease in Two Alliance Center; Regent Partners has leased close to 90 percent of its commercial real estate space at its 3344 Peachtree Building; Fidelity Bank reports 4th quarter profit; CariSoul Cuisine has opened in the Darlington; The law firm of McCurdy & Candler will move its headquarters from Decatur to 39,000 square feet in Piedmont Center;

"FranchiseMart of West Palm Beach has opened at 2221 Peachtree; Buckhead is to get a new high school (and second middle school); The Havana Club has opened at 3112 Piedmont Center; Generation Mortgage Co. increased its space in Piedmont Center by over 29,000 square feet; An Athens restaurant operator is opening in old Carbo’s space at 3717 Roswell Road; Global Living furniture store has opened at 3106 Early St.; Investment advisory firm French Wolf & Farr has relocated to the Pinnacle Building in order to double its capacity; Baroni Italian has signed a lease with Selig for the former Wolfgang Puck Express space; Aaron’s reports 4th quarter revenue increased by 6.2%; Cousins Properties reports sales of 50 units in less than three months in 10 Terminus Place, and “Streets of Buckhead” developer Ben Carter reports he is in talks with investors to raise $200 million to resume work on this luxury retail project . . . which, like the cup half full, it’s where I see a building half built.

"That’s over 20 positive news stories, and, I repeat, all of that was reported in the last month!"