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ATLANTA-Locally based-Plato Industries, an investment group headed by Stacy and Manny Fialkow, has purchased the Cornerstone Building in Downtown Atlanta for $5.7 million, or a little better than $73 per sf.

Known as the home of Atlanta’s Hard Rock Cafe, the four-story, 77,691-sf property is just 34% occupied. It stands at the corner of Peachtree Street and Andrew Young International Blvd. and contains a mix of office and retail space, which included a Woolworth store until the nationwide five-and-dime chain closed its doors in the late 1990s.

The Fialkows are reportedly seeking primarily retail tenants. Buffalo, NY-based HSBC Realty Credit Corp., the US REIT affiliated with London-based HSBC Holdings plc, sold the property.

Kris J. Cooper, Margaret Caldwell and Dean McNaughton of the Atlanta office of New York-based Cushman & Wakefield, represented the seller in the transaction. The price for a 34%-occupied property “speaks to the strength of this location,” Cooper says in a printed statement.

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