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April 17, 2024

Landlords Near Planned New MARTA Stations Eye Real Estate Boom

Moez Hasni and some partners own a small retail building occupied by a grocer between the Bankhead and Washington Park neighborhoods in Atlanta, and at this time last week, they had no plans for the 2,200 SF investment property other than collecting rent checks.

But now they are thinking bigger.

Mayor Andre Dickens announced on Thursday the locations of four new MARTA infill stations in the works, one of which will be a short walk from Hasni's property at 1141 Joseph E. Boone Blvd. The planned station and the thousands of potential passengers moving through it opens up the prospect of tearing down the old building and developing an even larger retail property.

“We would definitely want to redevelop that property into something that would fit into the whole concept of the BeltLine and the MARTA station,” Hasni told Bisnow. “If [the city of Atlanta] allows a station with alcohol license, we would develop it right away [into] a gas station or larger grocery store.” 

Landlords Near Planned New MARTA Stations Eye Real Estate Boom

Hasni, the chief operating officer of Pine Lake, is one of many owners now contemplating a brighter future for their properties because they are in the vicinity of a new fixed-rail transit station — a proven driver of real estate value.“There’s going to be a competition to get into those properties,” Sergio Rodolfo…

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WeWork's Survival Depends On Its Members. Its Bankruptcy Is Testing Their Loyalty

Anthony Holten signed up for a WeWork office in Astoria, Queens, in October, soon after moving into the neighborhood in hopes of getting out of the house and finding a community. 

Less than a month later, on Nov. 1, he received an email notifying him that his location would be closing in three weeks as part of what WeWork claimed was a regular review of its real estate portfolio, according to an email shared with Bisnow. He would be transferred to 430 Park Ave. in Midtown — a nearly 30-minute commute away.

Days later, WeWork filed for bankruptcy

“If I had known the Astoria WeWork would be shut down I would have gone with [a competitor],” Holten said. “Ultimately, if I can work remotely from anywhere, why would I go through the hassle of keeping up with WeWork’s changing communications as they restructure?”

WeWork's Survival Depends On Its Members. Its Bankruptcy Is Testing Their Loyalty

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Prologis Cuts Guidance In Anticipation Of Weaker Industrial Market

Prologis Cuts Guidance In Anticipation Of Weaker Industrial Market

Prologis cut its 2024 guidance during its Wednesday earnings call on the expectation of slowing industrial leasing, an indication of continued overall softening in the industrial market. The world's largest industrial landlord reduced guidance for funds from operations, occupancy and earnings for the rest of the year."While operating…

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