Ackerman & Co. Brokers sells Five Points Center in downtown Atlanta

ATLANTA, Georgia, May 23, 2024 /24-7PressRelease/ — Ackerman & Co. negotiated the sale of 15 Peachtree Street in Five Points in downtown Atlanta to IA 2 Peachtree LLC, an affiliate of Invest Atlanta, for $18.4 million. The mixed-use property – including a seven-level, 535-space parking garage, office and retail space – contains an entire city block bounded by Peachtree St., Decatur St., Wall St. and Pryor St. at heart of the Five Points business and entertainment district.

John Speros, senior vice president of Ackerman & Co., represented 23 of the 24 owners and Paul Hanna, executive vice president of JLL, represented the buyer, Invest Atlanta, the official economic development authority of the city of Atlanta.

The property has an interesting history that has resulted in 24 separate owners, beginning over 130 years ago when John Inman gave the property to his daughter and son-in-law, John Grant. The interest in the property was passed down to numerous heirs over several generations, giving rise to 24 owners.

The property was once the site of a six-story, 500-room hotel, Kimball House, nicknamed “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 demolished in 1959 for the construction of a seven-story parking garage. The property was leased in 1870 to a developer who built the Kimball House Hotel.

“There is a high demand for parking in this area, particularly from the 44-story tower at 2 Peachtree Street across the street, which does not have parking. The tower has been purchased by Two Peachtree Partners LLC last year for conversion into staff housing, retail and other purposes “There is also an opportunity to reposition retail and office space within the building. “, said John Speros. “This property has been in the family for over 130 years and I am pleased to finalize this sale on their behalf.”

In addition to 535 parking spaces, the property includes approximately 53,326 square feet of office space and 11,426 square feet of ground-floor retail.

Five Points Center is located near several large mixed-use projects, including Centennial Yards, South Dwntn and Underground Atlanta, as well as Georgia State University and offices of the State of Georgia, City of Atlanta and Fulton County.

About Ackerman & Co.
Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast. The company, founded in 1967, has an expert team of 100 real estate professionals. To date, Ackerman & Co. has developed and acquired 44 million square feet of office, medical, industrial, retail and mixed-use space, has 4 million square feet under management and maintains a portfolio of investment estimated at $1 billion. For more information, visit www.ackermanco.com

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