Two high-profile Westside commercial properties change hands

Two progressive investment and development groups have recently purchased Brickworks at Midtown West and the Stockyards. Both developments are located along Marietta Street on Atlanta’s Westside.

I find The acquisition of the Brickworks development by Asana Partners most interesting. It could signal big changes for the retail and hospitality development anchored at the nexus of Marietta and Howell Mill. Surprisingly, its’ stellar location has also been its biggest liability. The frenetic movement of traffic through that intersection have continued to stymie retailers there.

5 Seasons Brewery and legendary beer retailer Hop City recently terminated their leases and moved on. Smaller retailers are left struggling to get noticed in the mostly abandoned Marietta Street frontage. Occupying the rest of the complex are office tenants unburdened by concerns for visibility and immediate access.

Asana Partners, whose portfolio includes Krog Street Market and The Plaza on Ponce. They have earned a reputation for investing in historic properties and improving both the properties themselves as well as revitalizing the tenant mix. I’m optimistic about Brickworks’ future as a destination retail center.

Asana’s $18.1 million purchase of the Plaza on Ponce can serve as a road map. Plaza’s minor structural and cosmetic improvements were minor. A retooled marketing package and fresh retailer tenants did the trick there. That could be just what Brickworks needs to see the growth its location deserves.

Stay tuned!

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