The Ardent Companies at 2120 Powers Ferry Road, Suite 150 in the Atlanta portion of Cobb County, recently purchased 37,853 square feet of retail and restaurant space at 1010 Midtown from its previous owner, a joint venture between Daniel Corporation, Selig Enterprises and Canyon-Johnson Urban Funds for $15 million.
An integral part of the 12th & Midtown Development Initiative to establish midtown Atlanta as a major Southern destination, 1010 Midtown is a 35-story, 630,000 square-foot mixed-use development on Peachtree Street between 11th and 12th streets in Atlanta. Comprised of 443 luxury high rise condominiums and eight street-level retail spaces, 1010 Midtown is currently home to Ri Ra Irish Pub, Panera Bread, RA Sushi, Mi Cocina, Piola, CB2 and Bank of America.
The Ardent Companies formed TAC Midtown, LLC to purchase the property and are currently negotiating a lease is for the remaining 2,021 square feet of retail space with an undisclosed restaurateur who owns several restaurants throughout the city. Once signed, the lease will be representative of 100-percent retail tenant occupancy.
1010 Midtown is a significant component of Phase I of the 12th & Midtown Development Initiative, a project that will eventually encompass four city blocks that include more than three million square feet of mixed use space such as office towers, luxury hotels, premium residences and flagship retail space. Completed in 2010, Phase II is a $500 million mixed-use complex comprised of 725,000 square feet of office space, 60,000 square feet of street-level retail space, the 414-room Loews Atlanta Hotel and 52 signature residences. Phases III and IV are currently in development through Daniel Corporation, Selig Enterprises, Inc. and Northwestern Mutual.
The Midtown purchase represents Ardent’s eighth retail investment, many of which have been primarily focused in Atlanta and the Southeast. Ladder Capital provided debt financing and Reid Hailey and Ralph Williams of Hailey Realty Company represented The Ardent Companies in the transaction.
The Ardent Companies is a private real estate investment and asset management group, focused on making credible risk adjusted returns investing in real estate assets. The partners of Ardent have led the investment of more than $1 billion of capital into real estate assets over the past 10 years across multiple states and asset types.