Florida Investor Plans $100 Million Redevelopment on Peachtree
IG3 Real Estate, SDS Real Property Seek Developer for Large-Scale Project
September 17, 2018 / TONY WILBERT
A Florida Investment and development firm thinks the time is right to redevelop a large tract on Peachtree Road in Brookhaven, Georgia’s bustling business district.
IG3 Real Estate of Miami and SDS Real Property Holdings, Ltd. Hired two veteran land and investment brokers to find a developer and /or partner to lead the redevelopment of the 4.6-acre Porter Square/Broookhaven site at Peachtree and Colonial Drive. The property at 3920-3930 is across the street from Cherokee Plaza Shopping Center and about 300 yards from the Brookhaven MARTA Station.
IG3 and SDS envision a $100 million development on the tract that recently has been promoted as an ideal corporate headquarters site. The components of the project have yet to be determined, IG3 said.
“The market will tell us,” IG3 said. “It will definitely have a retail component. The group has hired HKS Architects to design a concept building for the property.
The property is located on a stretch of Peachtree just northeast of the city of Atlanta limits. The area has a heavy concentration of retail uses, though a second medical office building is planned directly across the street from Porter Square. The Porter Square property is in the Brookhaven-Peachtree Overlay District that allows the type of development IG3 and SDS are planning, so no rezoning will be required.
The Porter Square property has been owned by SDS, headed by Atlanta native and real estate investor Starr Porter, for more than 30 years. The site was home to a Hastings Nursery location and houses a Christmas tree operation during the holidays. It also is home to a Kauffman Tire auto center that will continue to operate until the redevelopment begins.
Porter said the brokers hired to market the redevelopment property, John Speros of Ackerman & Co. and David Branch of SSG Realty Partners, LLC have successfully represented SDS and his family for many years in markets across the Southeast. The brokers have been involved with Porter Square for 25 years.
Carlos Imery, who leads IG3, said the “truly transformative project” will reactivate the site across the street from a successful medical office development recently acquired by Caddis Healthcare Real Estate of Dallas. “We are extremely bullish on greater Atlanta and continue to see strategic investments and development opportunities in the area,” said Imery, whose IG3 will serve as asset manager overseeing the Porter Square redevelopment.
IG3 has been busy in Georgia recently, having led the acquisition of real estate assets in the state valued at nearly $100 million.