Coro Pays In Excess Of $500/SF For Loudermilk's Midtown Retail
An investor with plans for an office building next to Buckhead's Disco Kroger will be dancing to a different tune in Midtown as the new owners of The Loudermilk Cos.' Midtown Mile retail portfolio.
Loudermilk CEO Robin Loudermilk confirmed Tuesday that he sold his 85K SF retail portfolio, with locations scattered along Peachtree Street in Midtown, for about $46M to Coro Realty Advisors, priced in excess of $500/SF.
The properties are tenanted by a number of banner retailers, including Five Guys Burgers & Fries, QuikTrip, Sprint, BB&T, Starbucks and Fresh2Order. Loudermilk tapped Skyline Seven to market the portfolio that includes street-level retail space at 855 Peachtree condo tower called the Shops at Viewpoint; the 21K SF Shops at Spire condo tower; nearly 5K SF of retail space at 867 Peachtree St. called the Shops at Seventh; 21K SF of street-level retail space at 800 Peachtree; and 13K SF of retail at 805 Peachtree.
The portfolio also includes a parking lot on Juniper Street that could give Coro a major development parcel in the future. Officials with Coro and Skyline Seven did not return calls seeking comment.
Coro president John Lundeen recently said his firm was eyeing an office development on a pad site next to Piedmont Peachtree Crossing, the Kroger-anchored shopping center off Piedmont Road in Buckhead that is affectionately known as the “Disco Kroger,” named after a famed dance club at the center during the 1980s.
For Loudermilk, the sale gives it the capital to redeploy into a number of projects slated for the heart of Buckhead, including 309 East Paces Ferry, the redevelopment of the former Aaron's Rents headquarters building, and 371 East Paces Ferry, the medical office building underway in Buckhead Village.
“This is kind of repositioning on Buckhead,” Loudermilk said. “It's just a good move on our part to refocus not only our capital, but also our mind [on the Buckhead submarket]."
