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January 14, 2019

Ackerman Retail Sells 110,998 SF Midtown Promenade

Midtown Atlanta shopping center anchored by Trader Joe’s is sold to Asana Partners

ATLANTA, GA, January 14, 2019 – Ackerman Retail, a division of Ackerman & Co. and the exclusive advisor to the estate of Charles S. Ackerman, announced today that it has closed the sale of Midtown Promenade, a 110,998-square-foot shopping center located in the heart of Midtown Atlanta, to Asana Partners. The sales price was not disclosed.

Planned and developed by Ackerman & Co., the shopping center is anchored by Trader Joe’s and Landmark Theaters Midtown Arts Cinema and also features a varied lineup of national and local retailers and restaurants, including Richard’s Variety Store, Tuesday Morning, Mellow Mushroom, Apres Diem, MetroFresh and The Highlander.

Ackerman Retail President Leo Wiener leads the disposition effort for the Charles S. Ackerman estate’s retail properties. Chris Decoufle and Kevin Reavey of CBRE represented ownership in the sale.

“With its excellent tenant mix and prime location, this popular shopping center presented an outstanding investment opportunity,” said Leo Wiener. “Midtown Promenade benefits from its high-visibility location on busy Monroe Drive directly next to the Atlanta Eastside BeltLine pedestrian trail, which continues to attract high-profile residential and mixed-use commercial real estate development.”

The first phase of Midtown Promenade, totaling 64,000 square feet and now anchored by Trader Joe’s and Tuesday Morning, opened in 1985 and the 47,000-square-foot second phase, anchored by Landmark Theatres, was completed in 1987.

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, retains an expert team of more than 100 real estate professionals. To date, Ackerman & Co. has developed and acquired more than 37 million square feet of office, medical, industrial, retail and mixed-use space, has nearly 8 million square feet under management and maintains an investment portfolio valued at $1 billion.

Ackerman Retail, a division of Ackerman & Co., offers a best-in-class services platform, delivering solid results for local and multi-market clients across the Southeast. To date, Ackerman Retail has completed more than 10 million square feet of transactions valued at $1.7 billion.

For more information, visit www.ackermanco.com