Coro Realty Advisors Announces the Acquisition of Village at Millers Chapel

ATLANTA – Coro Realty Advisors announces the acquisition by Daltex Millers Chapel, LLC of Village at Millers Chapel, located at 2159 McDonough Hwy, Conyers, Georgia on April 30th, 2018.  Village at Millers Chapel is a 75,300 square foot, multi-building retail center.  The neighborhood center is anchored by Publix and Kauffman Tires.  Other notable tenants include Great Clips, Marco's Pizza, Curves, Tropical Smoothie Cafe, and Cato.   The property is 100% occupied.

Robert Fransen, President of Coro Realty, noted “We are pleased with Miller Chapels’ strategic location on GA-20.  The property has strong national anchors and several regional tenants that we believe should make this a stable long-term asset.”

About Coro Realty Advisors (www.cororealty.com)
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.

For More Information Please Contact:
Kristian Hayden
Coro Realty Advisors, LLC
3715 Northside Parkway
Bldg. 400 – Suite 100
Atlanta, Georgia 30327
(404) 846-4002

New hotel with local art now open near busy Buckhead intersection

Courtesy of Becca J. G. Godwin
The Atlanta Journal-Constitution - July 17, 2018
See Full Article Here 

Nearly two years after hotel developer McKibbon Hospitality and Coro Realty Advisors broke ground on a new hotel in Buckhead, a group of businessmen met for a ribbon-cutting ceremony Tuesday.  

The recently-opened Hampton Inn & Suites Atlanta Buckhead Place has 186 rooms, a fitness center and a collection of local artwork. The art collection includes original pieces by Tommy Moss, an original sculpture by Sadie Young, work by architect Cooper Cary and prints by Steve Penley.

Randy Hassen, president of hotel management for McKibbon Hospitality, said the hotel is “an important addition to the growing Buckhead area.” 

“We are excited to deliver a new option for visitors and pleased to offer a number of great amenities through this property, including some with local influences,” Hassen said.  

The hotel is located at 3312 Piedmont Road, near the Peachtree Road intersection. The property is McKibbon Hospitality’s fourth Atlanta area hotel, in addition to the Hampton Inn & Suites Atlanta-Downtown, Home2 Suites Atlanta Downtown and the Hyatt Place Atlanta/Duluth/Johns Creek. 

 

Coro Realty Advisors Transitions Partners into New Roles

ATLANTA – February 1, 2018 – Coro Realty Advisors begins 2018 stronger than ever as it announces key role transitions within its Executive team. After 20 years serving as President of Coro, John W. Lundeen III will shift into his new role as Managing Partner. Robert P. Fransen will become President, after serving as Chief Investment Officer of the company since 2010. As part of the transition, Patti L. Pearlberg has added Chief Operating Officer to her role, while maintaining her position as Executive Vice President of Coro.

“I have nothing but confidence in the direction Robert will lead Coro in the future” said John Lundeen. “This is something that has been in the works for quite some time, and we are excited to see the transition come to fruition.” Lundeen added. Patti Pearlberg stated, “We are enthusiastic about the future of Coro, and know we are moving in a positive direction for the company, our clients, and our employees.”

According to Fransen, Coro begins the year with over 50 properties under ownership and management with a focus on growing its portfolio by drawing on its historic successes and strong client relationships. “I look forward to the opportunity to expand upon the legacy John has created; taking Coro to the next level while maintaining the strong base of employees, clients and industry relationships garnered since Coro’s inception.”

About Coro Realty Advisors (www.cororealty.com)
Coro Realty Advisors, LLC was founded in 1997 and is synonymous in Atlanta and the Southeast with intelligent real estate development and investment. With a commitment to smart growth, the urban landscape, innovation, and the latest in building trends and technology, Coro continues to demonstrate its leadership in the market with the successful execution of quality developments. The firm provides Asset Management, Property Management and Investment Services for a myriad of residential and commercial properties throughout the Southeastern United States.

For More Information Please Contact:

Kristian Hayden
Coro Realty Advisors, LLC.
3715 Northside Parkway
Bldg. 400 – Suite 100
Atlanta, Georgia 30327
(404) 846-4002

Coro Realty Advisors Announce the Sale of Glenwood Park

ATLANTA – January 3, 2018 - Coro Realty Advisors announces the sale of Glenwood Park to Asana Partners. The sale includes 48,632 SF of ground floor retail, which is a part of the Glenwood Park mixed-use community located off of Glenwood Ave. The property’s tenant list includes: Kevin Gillespie’s Gunshow, The Shed, Drip Coffee, Vickery's Bar & Grill, #1 Nails, Southern Smiles, RH Eyes, Relish Salon, Festivals Jerk Chicken Grill, The Body Well, Snap Fitness, Dry Cleaners and In-Town Pediatrics.

Patti Pearlberg, Partner and Executive Vice President at Coro stated, “Coro experienced much success with Glenwood Park, taking it from 70% occupancy in 2014 to today’s 94% because of the growth, energy and vibrancy taking place in the Glenwood/Memorial Drive corridor. We congratulate Asana Partners on its purchase and know they will continue to see positive results from this acquisition.”

Brokers involved with the transaction included Chris Decoufle of CBRE and Fred Victor of Transwestern.

About Coro Realty Advisors (www.cororealty.com)
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.

About Asana Partners (www.asanapartners.com)
Asana Partners is a real estate investment company that creates value through acquisition, enhancement, and operation of distinctive retail properties in dynamic urban markets in the United States.

For More Information Please Contact:
Kristian Hayden
Coro Realty Advisors, LLC.
3715 Northside Parkway
Bldg. 400 – Suite 100
Atlanta, Georgia 30327
(404) 846-4002

 

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Coro Realty Advisors Promotes Douglas Burton and Welcomes Andrew Kroll

ATLANTA – November 30, 2017 – As Coro Realty Advisors looks to the future, it continues to improve its bench strength with a recent hire and promotion. Andrew (Andy) Kroll has joined Coro Realty as Vice President, Asset Management. In addition, after over 10 years of service, Doug Burton, will become Chief Financial Officer upon the retirement of Michael Salisbury at year end.

“Doug has shown nothing but hard work and dedication to Coro since he started. It is with great pleasure that we promote him to our CFO.” said John Lundeen, President of Coro. Patti Pearlberg, Partner/Executive Vice President of Coro added, “We are excited about our future at Coro, and look forward to drawing on Andy’s experience, which will only add to Coro’s success.”

Doug Burton will be tasked with taking Coro’s first-class accounting department to the next level, drawing on not only his experience at Coro but also his previous experiences providing corporate support and accounting services within the insurance, service and hospitality industries. Andy Kroll will focus on representing and maximizing the value of key assets through the development, coordination and implementation of both short- and long-term asset plans and strategies. Kroll has over 25 years of experience in the real estate industry, previously serving as Chief Operating Officer for Trimont Real Estate Advisors, as well as spending over 17 years with SunTrust Bank in a variety of senior real estate roles.

About Coro Realty Advisors (www.cororealty.com)
Coro Realty Advisors, LLC was founded in 1997 and is synonymous in Atlanta and the Southeast with intelligent real estate development and investment. With a commitment to smart growth, the urban landscape, and innovation, incorporating distinctive architectural designs and the latest in building trends and technology, Coro continues to demonstrate its leadership in the market with the successful execution of quality developments. The firm provides Asset Management, Property Management and Real Estate Advisory Services for a myriad of residential and commercial properties throughout the Southeastern United States.

For More Information Please Contact:

Kristian Hayden
Coro Realty Advisors, LLC.
3715 Northside Parkway
Bldg. 400 – Suite 100
Atlanta, Georgia 30327
(404) 846-4002

Coro Realty Advisors and Easlan Capital Announce the Sale of Brookleigh Marketplace

ATLANTA – November 27, 2017 - Coro Realty Advisors and Easlan Capital announce the sale of Brookleigh Marketplace. Brookleigh Marketplace is a 26,179 square foot retail property at the entrance to a 56 acre mixed-use community. It is located in the City of Brookhaven on Johnson Ferry Road near Ashford Dunwoody Road. Coro and Easlan jointly developed the property. It was 100% leased at sale. The property’s tenant list includes Primrose Schools, Burn Cycle/Kick/Yoga, Marlow’s Tavern, Jade Nails and Day Spa, Bon Glaze and PT Solutions, among others.

According to Robert Paul Fransen, partner at Coro, “We congratulate the buyer on its purchase in this rapidly growing part of Brookhaven. Brookleigh has proven an excellent investment for our clients, one we hope to replicate in the future. We also hope that Brookleigh will remain a vibrant community amenity for many years to come.”

Coro and Easlan were represented in the property’s sale by Mark Joines and Drew Fleming of NGKF Capital Markets.

About Coro Realty Advisors (www.cororealty.com)
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.

About Easlan Capital (www.easlancapital.com)
Easlan Capital was organized in 1982 for the purpose of developing, managing, leasing, and acquiring commercial and multi-family projects in South Carolina, North Carolina, Tennessee and Georgia. Easlan Capital of Atlanta, Inc. opened its offices in Atlanta in 1986, and to date the three offices in Greenville, Charlotte, and Atlanta have developed over 7,000 apartment units and over 3 million square feet of office, retail, and industrial properties throughout the Southeast.

For More Information Please Contact:
Kristian Hayden
Coro Realty Advisors, LLC.
3715 Northside Parkway
Bldg. 400 – Suite 100
Atlanta, Georgia 30327
(404) 846-4002

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Coro Realty Advisors Announces the Sale of Village East Shopping Center

June 29, 2017 - Coro Realty Advisors, LLC, an Atlanta-based retail owner and operator, announces the sale of Village East Shopping Center to SM Village East Investors, LLC. Village East is a 12,540 square foot shopping center located in Marietta, Georgia at the intersection of Roswell Road and Robinson Road. Coro Realty Advisors, LLC was represented by Bart Cross in the sale of the property.

The property’s tenant list includes: Bookmiser, Inc., Lili Nails, Zilmed, VIP Clinic, Chopsticks Bistro, Studio 348, Belle Salon, Joy Upholstery, and Old Salem Cleaners. The deal also included a billboard located on the site.

About Coro Realty Advisors
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.

For more information contact:

Kristian Hayden
Coro Realty Advisors, LLC
3715 Northside Parkway
400 Northcreek – Suite 100
Atlanta, Georgia 30327
(404) 846-4000
www.cororealty.com

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Retail is dying? Not in Atlanta

Courtesy of Amy Wenk and Douglas Sams
Atlanta Business Chronicle - May 26, 2017
See Full Article - http://www.bizjournals.com/atlanta/news/2017/05/26/retail-is-dying-not-i...

As developers this week head back from pitching their projects in Las Vegas, where RECon, the world’s largest retail convention, just wrapped up, they return to an Atlanta market boasting its healthiest numbers in years.

Metro Atlanta’s retail space vacancy stands at 8.5 percent, the lowest point in a decade, according to real estate services company Colliers International.

That number belies store closings and bankruptcies across the U.S. retail sector.

Atlanta is also bucking some of the trends. In urban and suburban retail districts including Midtown, Buckhead and the Central Perimeter, vacancy dropped to 7.5 percent at the end of the first quarter. That’s a big turnaround since 2012 — when those same areas had vacancy closer to 11 percent.

Rent growth is also strong, with metro Atlanta rates soaring to the highest point in 11 quarters. Over the past year, Atlanta retail landlords have seen 2.7 percent growth in effective rents, 13th best of out of 77 metro markets, according to the analyst Reis Inc.

So why does Atlanta, along with the rest of the country, feel like it is suffering a retail crisis?

The “Death of the American Mall” and “Retail Apocalypse” make alarming headlines.

Last month, executives with Atlanta’s largest retail REIT painted a rather gloomy picture. In an April 26 call with analysts, DDR Corp. CEO David Lukes said, “The challenges we face are at once undeniable and sobering — dramatic change in demand for retail space and formats, a spate of tenant bankruptcies.”

DDR is dealing with significant vacancies among its anchors and bankruptcies from retailers such as The Sports Authority, hhgregg and Golfsmith.

DDR’s experience reflects in Atlanta, much like the rest of the country, the retail narrative continues to be a story of the haves and the have-nots.

“There is kind of this disconnect where you hear retail is dying,” said Geoff Koski, president of consultant Bleakly Advisory Group. “What’s really happening is the A properties are doing well. It’s the B, C and D-class properties that aren’t getting invested in anymore.”

Some long-familiar names in American retail haven’t adapted, either.

“The closings of 550 Radio Shacks, 400 Payless Shoe Sources or 108 Kmarts make good headlines in a ‘Look at the numbers!’ kind of way,” said Robert Fransen, partner with Coro Realty Advisors LLC. “That view, however, ignores that those stores had been dying a slow death for years.”

Coro remains bullish on urban neighborhoods. Take Buckhead, where it’s converting an aging suburban shopping center into a denser, mixed-use development with a new hotel. In Midtown, it just paid $47 million, or more than $520 a square foot, for prime retail space on Peachtree Street, a short walk from MARTA, the Fox Theatre and Technology Square.

Most retail experts agree retail isn’t dying — it’s evolving.

“When customers visit a store or shopping center, they want more of an experience than they used to,” Fransen said. “That is why amenities and restaurants have become so important in retail. In a robust economy, people are willing to pay a premium for a retail experience. They want to be entertained.”

Look at the Atlanta projects developers have embarked on over the past five years. Not one enclosed mall has been built. Instead, most new retail space is attached to resort-like mixed-use projects.

“Avalon is bursting at the seams while nearby power centers are struggling,” Fransen said. “The former provides an ‘experience’ and ‘energy’ while the latter provides low-cost shoes and picture frames. Where would you rather spend a Saturday afternoon?”

Many people spend their weekends on the Beltline. And Beltline projects such as Ponce City Market are now achieving $1,000 in sales per square foot, comparable to Buckhead’s Lenox Square. Ponce City Market is home to traditional mall retailers, such as Williams-Sonoma.

Alpharetta’s Avalon development, which just doubled in size, lured its Apple store from the nearby North Point Mall.

And, more retail projects are becoming entertainment districts. Take The Battery at SunTrust Park next to the Atlanta Braves’ new Cobb County stadium. It includes a Terrapin brewery and a host of restaurants and bars, including a new steakhouse from Chef Linton Hopkins.

“I grieve when I see the press skim the surface of what’s going on in retail and predict doom and gloom — that’s not the story,” said Cheri Morris, president of Morris & Fellows, the retail partner for the $85 million next phase of Alpharetta City Center. The project is bringing 105,000 square feet of restaurants and retail to downtown Alpharetta, including Highland Bakery and several locally-owned boutiques.

“We’ve got a changing consumer,” Morris said. “You’ve got to be fresh.”

Shoppers today, she said, want an experience-rich atmosphere with great architecture and greenspace. “We are now creating a place.”

A common misconception is how severely the rise of e-commerce sales is affecting bricks-and-mortar retail. In first-quarter 2017, e-commerce sales represented just 8.5 percent of total retail sales, according to data from the U.S. Census Bureau. That number is growing by about 15 percent per year. The most successful retailers are able to maximize both online and in-store experiences. That’s why you see Internet giant Amazon now opening physical stores.

Moving forward, though, it’s unclear how metro Atlanta’s retail landscape will fare. Some retail experts expressed concern about its future, especially if there’s an economic downturn.

Consider that retail development is at an eight-year high in 2017, according to a second-quarter report from brokerage Marcus & Millichap. The Atlanta office says there is 3.3 million square feet of retail in about 50 projects on track for completion this year.

“Atlanta is a town where we always overbuild,” said Chris Carter, who founded Vantage Realty Partners with Gene Rice in 2007. Vantage’s projects include partnering with North American Properties on an $80 million project with apartments, street-level retail and chef-driven restaurants along the Atlanta Beltline’s Eastside Trail. “We are eight years into a bull market. A lot of people are spreading themselves thin and signing leases with a short-term mentality... I think there could be a world of hurt in the next three or four years.”

Coro Realty Advisors will Welcome Aldi to Buckhead Pavilion

ATLANTA, GA – Coro Realty Advisors announces the execution of a lease agreement with Aldi on a 42,361 square foot space at Buckhead Pavilion, the former Sports Authority space. Andrea Kenney represented the landlord in the transaction; Aldi was represented by Kirk Buttle with CBRE.

The 42,361 square foot space became available a few months after Sports Authority announced its bankruptcy filing early last year. “We were a little disappointed by the announcement from Sports Authority.” stated Coro Realty’s Vice President, Patti Pearlberg. “When deciding on a replacement, one of our main goals was to make sure we brought in a tenant that would be a good fit. There are a couple of supermarkets in the area, but we believe Aldi will bring a nice variety to the Buckhead grocer market. ” Pearlberg continued. Aldi signed a lease for the entire space, but does plan to sublease a portion of the space to another tenant.

Buckhead Pavilion, located at the intersection of Peachtree Road and Maple Drive, is the current home to PetSmart, CVS Pharmacy, Modani Furniture, and Berkshire Hathaway HomeServices.

Aldi, a German-based discount supermarket, is currently operating over 50 stores in the state and over 1,600 in the country.

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.

For more information contact:

Kristian Hayden
Coro Realty Advisors, LLC
3715 Northside Parkway
400 Northcreek – Suite 100
Atlanta, Georgia 30327
(404) 846-4000
www.cororealty.com

Buckhead Pavilion

Coro Realty Acquires Midtown Portfolio in Atlanta, GA

ATLANTA – April 28, 2017 – Coro Realty Advisors, an Atlanta-based retail owner and operator, announced today that it acquired The Shops at Spire in Midtown Atlanta, GA. This property represents the final piece of a Midtown retail and parking portfolio previously owned by The Loudermilk Companies. The purchase was brokered by Kenny Holzer and Elliot Kyle of Skyline Seven.

The Midtown portfolio contains 87,905 square feet of ground-floor retail and over 600 parking spaces in five residential condominium buildings, as well as a nearby parking lot. The properties include retail space at 800 Peachtree, 805 Peachtree, Shops at Seventh, Shops at Spire and Shops at Viewpoint. National tenants at these properties include Starbucks, BB&T, Sprint and Atlanta’s first urban QuikTrip. Other notable tenants include Einstein Brothers Bagels, Fresh 2 Order and World of Beer.

When added to Coro Realty’s Gordon Biersch at 848 Peachtree Street, the portfolio gives Coro Realty control over almost all of the public parking and retail on Peachtree Street between 5th and 7th Streets.

As a part of this transaction, Coro Realty also acquired a 0.12 acre parcel on Juniper Street. The parcel is zoned SP-16, allowing for high density development as part of a larger future land assemblage.

“We see this deal as a long-term play for Coro Realty and its investors. This is a strategic investment in Midtown’s continued growth and densification.” stated Robert Fransen, Partner at Coro Realty. “It’s hard not to be optimistic about Midtown right now,” Fransen added.

The Midtown portfolio is part of Coro Realty’s strategy to purchase and develop High Street Retail. The Midtown portfolio joins similar Coro Realty properties like The Brookwood, Glenwood Park, Hanover Perimeter, Inman Quarter and Parkview on Peachtree.

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.

For more information please contact:
Kristian Hayden
Coro Realty Advisors, LLC.
3715 Northside Parkway
Building 400, Suite 100
Atlanta, Georgia 30327
(404) 846-4000
www.cororealty.com