By Evelina Croitoru
LaSalle Investment Management has announced the purchase of Restoration Hardware’s (RH) Gallery at the Estate in Atlanta’s Buckhead. The deal marks a strong opportunity to own a highly-visible retail property that is generating high sales volumes on an underutilized land parcel at one of the most trafficked intersections in the Atlanta market.
Located at 3030 Peachtree Road N.W., the 63,831-square-foot retail asset completed in 2014 is one of the largest Design Gallery concept stores opened by RH, falling in line with the company’s strategy to blend experiential showrooms with online sales. The six-story building enables RH to showcase their full product line and it provides flexibility as the company continues to innovate its store configuration and merchandise concepts. The property features a multi-story central hall, barrel-vaulted passageways, a spacious outdoor area at the top of the building and an estate garden with a pool including furniture items on display. RH Atlanta is located on almost two acres and was designed by Gillam & Kroeger.
“We are pleased to have acquired this iconic and high-performing property leased to a best-in-class retailer that understands how to leverage the power of well-located real estate to gain multi-channel market share. RH has demonstrated a bold ability to continuously improve the experience for their customers. As a provider of flexible capital, we are positioned to provide real estate solutions to support a dynamic tenant like RH, as their full-line design gallery concept matures and grows,” Joseph Munoz, investment officer for LaSalle’s Income & Growth fund series, said in a prepared statement.
Images courtesy of Restauration Hardware