The 125,000 sf retail center was built in 1979 and is adjacent to the Lenox Square Mall in Atlanta’s affluent Buckhead submarket. The joint venture acquired the seven-acre site in June 2009 after the previous owner’s plans to redevelop the site as an office tower had fallen through. Following acquisition, the joint venture invested approximately $20 million to reposition the property from a struggling big-box anchored retail center to an open air, boutique shopping district. The repositioning received a Development of Excellence Award from the Urban Land Institute for its focus on sustainable design and creative reuse of the existing big-box space.
Leasing accelerated following the repositioning and the center has attracted a mix of restaurants, independent merchants and leading brands including Crate and Barrel, Paper Source, lululemon, Cosabella and Suit Supply.
“The Shops Around Lenox proved to be a terrific value-add opportunity,” noted Quill O. Healey II, Co-CEO of Healey Weatherholtz. “Our passion is re-imagining great locations; being adjacent to the Southeast’s dominant enclosed mall and within walking distance of ten million square feet of office space and seven premier hotels gave us a terrific canvas from which to work.”
“Healey Weatherholtz proved to be an excellent partner,” commented John Prugh, ABR’s President and CEO. “Thanks to their vision and talent, our repositioning effort proved successful and it allowed us to generate a very attractive return for our investors.”
Alex. Brown Realty (ABR) is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com
Healey Weatherholtz Properties, LLC (HWP) is an Atlanta-based owner and operator of retail properties. The company is privately owned by Quill O. Healey II and D. Eric Weatherholtz. www.hwproperties.com.