Coro Realty has purchased the retail component of Glenwood Park, southeast Atlanta’s nationally recognized eco-village.
The Buckhead-based property investment and management company holds some 50 small- to medium-sized properties in its portfolio. Most are very conventional properties, among them suburban shopping centers and a couple of Buckhead residential high rises.
But the 55,000 square feet of small retail spaces in Glenwood Park represent an interest in more walkable properties, according to Coro Chief Investment Officer Robert Fransen.
“Coro has made a determined push to purchase and develop in-town retail, particularly in mixed-use communities,” Fransen said in a statement. “People will continue to gravitate to the combination of live, work and play within a walkable community, particularly one with the Glenwood Park’s dynamic streetscape and great architecture.”
Glenwood Park is best known as the brainchild of internet-millionaire-turned-green-developer Charles Brewer, who committed in the early 2000s to converting 28 acres of decrepit brownfields into a model of New Urbanist infill. Most of its single-family homes are Earthcraft certified, and the entire development was among the first to earn Earthcraft Community certification.
Glenwood Park’s build-out in the midst of the Great Recession made made maintaining retail occupancy, however. The retail spaces currently are 81 percent filled, according to Coro.
Coro didn’t release what it paid for the property.
Here’s the full press release on the purchase:
Coro Realty Acquires Glenwood Park Retail
ATLANTA – Coro Realty Advisors, LLC announces the acquisition of Glenwood Park Retail. Glenwood Park is a mixed-use development adjacent to Grant Park. It contains single-family homes, townhomes, condominiums, apartments and approximately 55,000 square feet of retail. Coro Realty purchased 48,633 square feet of this retail located at 920 Glenwood Avenue, 924-933 Garrett Street and 475-490 Bill Kennedy Way, Atlanta, Georgia. Glenwood Park Retail is anchored by Gunshow, The Shed, Vickery’s, Intown Pediatric Medicine and Snap Fitness. The property is 81% occupied.
Robert Fransen, Partner at Coro Realty, believes that Glenwood Park Retail fits well with Coro’s strategy of acquiring strategic infill properties. “Coro has made a determined push to purchase and develop in-town retail, particularly in mixed-use communities. People will continue to gravitate to the combination of live, work and play within a walkable community, particularly one with the Glenwood Park’s dynamic streetscape and great architecture.”
Patti Pearlberg, Partner at Coro Realty, noted “We expect the continued densification of the Glenwood area to further enhance Glenwood Park’s fundamentals and improve its occupancy. We expect it to be a solid addition to our portfolio.” In recent years Coro Realty has purchased or developed various in-town mixed-use properties, including Berkeley Heights in West Midtown, The Brookwood Marketplace in Brookwood Hills, Buckhead Place and Tremont in Buckhead, and Village Place and Brookleigh Marketplace in Brookhaven.
Coro Realty Advisors, LLC was founded in 1997 and is synonymous in Atlanta and the Southeast with intelligent real estate development and investment. The firm engages in Investment, Asset Management, Leasing and Property Management for a myriad of residential and commercial properties throughout the Southeastern United States.