ATLANTA—Atlantic Station is seeing more investor interest as the economy continues its recovery. CBRE Global Investors just sold the R-15 land parcel for its Strategic Partners U.S. Opportunity 5 Fund.
Atlantic Station is a 138-acre, master-planned, mixed-use project. It is located in Midtown Atlanta at the intersection of 1-75 and 1-85, the major thoroughfare for commuters coming to and from Midtown and Downtown Atlanta.
“Our multimillion-dollar repositioning program for Atlantic Station is well underway—and actually ahead of schedule,” Todd Frye, principal for Strategic Partners U.S., tells GlobeSt.com. “We’re starting to sell parcels ahead of what we anticipated.”
R-15 is a 43,750-square-foot site located on the far western edge of the master development adjacent to IKEA. It is one of 16 developable land parcels totaling 14.46 acres that the firm acquired in December 2010 as part of its acquisition of a group of assets in Atlantic Station. This sale is part of the firm's strategy to sell the individual land parcels as repositioning of the retail and office buildings takes root and overall market conditions improve.
The purchaser, Soka Gakkai International-USA, is a lay Buddhist association active in the areas of peace, cultural exchange and education. Part of the Atlanta community since 1968, the organization plans to build a 13,500-square-foot cultural center which will host worship activities as well as programs and exhibits of interest to the broader community.
“We have a five-year contract now with the BB&T Open, which is a new tennis tournament that will be held in mid-July at Atlantic Station,” Frye says. “That’s symbolic of where we’re taking this mixed-use development, which is very competitive.”
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