CORFAC News

Atlanta, GA – Alan Joel, CCIM, and Dan Granot, SIOR, Principals at Joel & Granot Real Estate/CORFAC International (JGRE), a leading full-service commercial real estate provider serving the Atlanta metropolitan market, today announced that they represented Jamestown Properties in the sale of a 1.52-acre parcel of land in Midtown for $9.15 million. The buyer, Greystar Real Estate Partners, plans to build a pair of highrise towers to house more than 300 residential units in one building and a hotel in the other with over 150 rooms plus street-level retail space.

Located at 1400 West Peachtree Street in the heart of Midtown between 17th St. and 18th St., the property has an empty 35,000-square-foot commercial building on it that will be razed during the redevelopment. The site is just north of Center Stage Theater and the MARTA Arts Center Station. When redevelopment plans for the site became public in 2015, one local media company stated that Greystar would invest upwards of $150 million to build the two towers.

For approximately 20 years the Atlanta Ballet occupied the building, which left the property before Joel and Granot starting representing Jamestown Properties as leasing agents in July 2010.

“Over the last five years we have put numerous tenants into the building with short-term leases and also leased the parking lot to generate rent for our client Jamestown Properties. On more than one occasion we leased the building to a movie production company. It was all to cover some of the ownership costs for Jamestown while we waited for the market to reach a point in which a sale could provide the best return for Jamestown,” said Alan Joel.

He added that it is unusual for a local and independent brokerage company to get the sale listing for such a significant redevelopment site that attracted out-of-state prospective buyers, “but the truth is back in 2010 none of the national companies wanted the leasing business for a tired and vacant commercial building because it was a tough assignment. Persistence and hard work gave our client the confidence that we had earned the right to sell it,” Joel said.

The firm continues its relationship with Atlanta-based Jamestown Properties. Ben Pargman from JGRE’s office has worked with Jamestown on several land acquisition projects.  Jamestown maintains offices in Atlanta, Manhattan, San Francisco and Boston.

Dallas-based Greystar has development and management offices throughout the U.S. as well as London and Mexico City.

About Joel and Granot Real Estate/CORFAC International
At Joel and Granot Real Estate (JGRE), our character and culture are rooted in the firm's core values of integrity, entrepreneurship and industry knowledge. JGRE approaches the business of commercial real estate services differently from others in the Atlanta metropolitan area. Collaboration with colleagues and clients drives our commitment to perform at the highest level on behalf of our clients every day. To learn more call 404.869.2600 or visit www.joelandgranot.com.