Ackerman & Co. Brokers Sale of Five Points Center in Downtown Atlanta
Ackerman & Co. has brokered the sale of 15 Peachtree Street at Five Points in downtown Atlanta to IA 2 Peachtree LLC, an ownership arm of Invest Atlanta, for $18.4 million. The mixed-use property – featuring a seven-level, 535 space parking deck, offices and retail space – contains an entire city block bounded by Peachtree St., Decatur St., Wall St. and Pryor St. in the heart of the Five Points business and entertainment district.
John Speros, Senior Vice President at Ackerman & Co., represented 23 of the 24 owners and Paul Hanna, Executive Vice President at JLL, represented the purchaser, Invest Atlanta, the official economic development authority for the City of Atlanta.
The property has an interesting history that resulted in 24 separate owners, starting over 130 years ago when John Inman gave the property to his daughter and son-in-law, John Grant. The interest in the property has passed to numerous heirs over many generations, resulting in 24 owners.
The property was formerly the site of a six-story, 500-room hotel, Kimball House, that was dubbed “the finest hotel in the South.” Unfortunately, the hotel burned to the ground in 1883. It was rebuilt in 1885 into a seven-story, 357-room hotel, which was torn down in 1959 for construction of the seven-story parking deck. The property was leased in 1870 to a developer that built the Kimball House Hotel.
“There is high demand for parking in this area, specifically from the 44-story 2 Peachtree Street tower across the street that has no parking. The tower was purchased by Two Peachtree Partners LLC last year for conversion into workforce housing, retail and other uses. There is also an opportunity to reposition the retail and office space in the building,” said John Speros. “This property has been in the family for more than 130 years and I’m pleased to complete this sale on their behalf.”
In addition to the 535 parking spaces, the property includes approximately 53,326 square feet of office space and 11,426 square feet of ground-level retail.
Five Points Center is positioned near several major mixed-use projects, including Centennial Yards, South Dwntn and Underground Atlanta, as well as Georgia State University and offices for the State of Georgia, City of Atlanta and Fulton County.
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