Ackerman & Co. has sold Midtown Promenade, a 110,998-square-foot retail asset in Atlanta, to Asana Partners. The buyer financed the acquisition with a $27.5 million loan from Synovus Bank, according to Fulton County records. The five-year loan includes an accordion note provision, allowing for an additional $8.3 million in funding.
Located at 931 Monroe Drive N.E. in the city’s Midtown submarket, the shopping center is at an entrance to the Eastside BeltLine trail, a 3-mile rail corridor-turned-pedestrian path which links the submarket to Reynoldstown. The property is near a wide range of multifamily and commercial assets, with more than 10,000 apartments and roughly 6.4 million square feet of office space less than a mile away, according to Yardi Matrix data.
Developed in 1989 by the seller, Midtown Promenade is anchored by Trader Joe’s, the Midtown Art Cinema and Tuesday Morning. Rounding out the tenant lineup is a range of national and local retailers, including The UPS Store, Starbuck’s, Richard’s Variety Store and several restaurants.
CBRE’s Chris Decoufle and Kevin Reavey acted on behalf of Ackerman in the transaction. Part of the same team represented GDC Properties in its $12 million disposition of a 45,279-square-foot retail asset in Atlanta’s Cascade corridor last summer.
Image courtesy of CBRE