ATLANTA—CVS is taking up residence at Peachtree Center in Downtown Atlanta in June. The retailer just inked a 20-year, 13,681-square-foot lease for a two-tiered anchor space in the Mall at Peachtree Center.
Cushman & Wakefield’s Dean McNaughton, Kirk Williams and Peter Glover represented the landlord, ACP Peachtree Center LLC as managed by Parkway Properties in the transaction. CushWake is on the hunt to attract more traditional retailers to the center, which attracts more than six million people a year.
“This is not a typical suburban CVS deal,” McNaughton tells GlobeSt.com. “They are on two contiguous floors—Peachtree St. and on the Peachtree Mall.” As McNaughton sees it, CVS’ decision to open an outlet in anchor space at the mall is more proof of the commercial real estate resurgence in downtown. Customers had been demanding a pharmacy, and CVS stepped in to answer the call.
Peachtree Center’s three-tiered retail mall is located in the heart of Downtown Atlanta on Peachtree Street between International Boulevard and John Portman Boulevard. The mixed-use development offers more than 2.4 million square feet of office space, and connects both the Hyatt Regency and Marriott Marquis hotels, collectively offering 3,000 rooms.
“Tenants are getting more comfortable with downtown retail,” McNaughton says. This deal also shows the retail market is coming back. Although it is continuing to grow, the residential market Downtown is still smaller than those around most of their suburban locations. A large part of their customer base in this location will be the downtown worker and the tourists, convention and visitors.”
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