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"The property's location amid the largest concentration of retail in the entire state makes it ideal for this type of development." Larry Wood, SVP, Ackerman & Co.
ATLANTA, GA, December 05, 2019 /24-7PressRelease/ -- Ackerman & Co. announced today it has brokered the sale of one of the most prominent undeveloped land parcels in Atlanta's Northeast suburbs – 65 acres in Buford, Ga., across Interstate 85 from the Mall of Georgia. The surrounding super-regional retail market consists of more than 5 million square feet of retail space, including the state's biggest mall. The land parcel, which will accommodate phase 1 of the Exchange at Gwinnett, was sold by the Orkin family to Atlanta-based Fuqua Development for $17.95 million.
Ackerman & Co. Senior Vice Presidents John Speros and Larry Wood brokered the sale of the property, located at the intersection of Interstate 85 and GA Highway 20 in Buford, Ga.
"The sale of this property, the only remaining undeveloped quadrant in this highly developed market, was five years in the making. It's particularly gratifying given the numerous challenges this land deal presented, including obtaining DRI [Development of Regional Impact] and zoning approval, assembling multiple parcels, addressing topography issues and marketing the property to a who's who of regional and national developers and investors," said John Speros. "Were pleased to continue our relationship with the Orkin Family with the sale of this land for a major mixed-use development in metro Atlanta."
Added Larry Wood, "Exchange at Gwinnett reflects the ongoing evolution of the retail industry from traditional big-box retail to mixed-use developments that incorporate a variety of experiential and entertainment concepts. The property's location amid the largest concentration of retail in the entire state makes it ideal for this type of development."
Larry Wood and John Speros also represented Rooms To Go in the acquisition of a 4.5-acre site within the development for construction of a 52,000 square foot store to replace their 24,000-square-foot store in front of the Mall of Georgia.
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 37 million square feet of office, medical, industrial, retail and mixed-use space, has 4 million square feet under management, and maintains an investment portfolio valued at $1 billion. For more information, visit www.ackermanco.com
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