News
1010 PEACHTREE OFF THE BLOCK
June 9, 2011
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| We spoke yesterday with Daniel Corp's Steve Baile who told us that 1010 Peachtree St, the 41k SF street-level retail center at 12th and Midtown, is no longer for sale. He says that potential bidders were just ?bottom feeding? on the price. Instead Daniel will hold 1010 Peachtree for the long-term, giving it a chance to better its occupancy, now at 73%. We previously reported that the top bidder on 1010 Peachtree was Edens & Avant, among half a dozen solid bidders. Steve declined to ID any potential buyers but says that the lease with CB2, the flagship store for furniture retailer Crate & Barrel, caused concerns from buyers since there's a kick-out clause in five years. Daniel's now trying to renegotiate the lease with CB2 to keep them at the project longer. Should negotiations take a while, we know a place he could buy a crate and/or barrel to hold extra clothing. |
