Kaufman Realty Group Sells Strategic Land Acquisition to Chamblee Downtown Development Authority for $5.5M
Monday, January 9th, 2017
Kaufman Realty Group, an Atlanta-based private real estate investment firm focused on strategic property investments, joint venture equity investments and co-development opportunities, sold a 4.8-acre tract of land in the heart of downtown Chamblee to the Chamblee Downtown Development Authority for $5.5 million.
The property, which has sat dormant in an area that has been substantially underdeveloped for more than 20 years, is located across the street from Chamblee City Hall - only a half-mile from the Chamblee MARTA station, one mile from the Whole Foods development currently under construction and a half-mile from the Doraville GM redevelopment project.
"We take a disciplined approach to real estate acquisitions and investments, but are not afraid to tackle locations that are more transitional or edgy as long as the fundamentals make sense. Downtown Chamblee's authentic feel, coupled with its location along the Peachtree corridor’s path of growth from Buckhead towards Doraville, presented us with a unique opportunity," said Craig Kaufman, principal – Kaufman Realty Group. "It was a true diamond in the rough; and while others viewed this property as pioneering, from our perspective, it was an overlooked opportunity whose time had come," he added.
KRG purchased the property in 2014 and immediately began working with the City of Chamblee to outline its vision – creating renderings for a mixed-use development. Soon after, other developments were announced that have transformed the southern section of Chamblee, including a new Whole Foods and two mixed-use projects, The Olmsted and Parkview on Peachtree, and the former GM Plant redevelopment underway to the north.
"The City of Chamblee, including the Mayor and the City Council, had a clear vision outlined through the LCI plan – and we supported it and believed in it. With Chamblee's proximity to metro-Atlanta's two largest employment centers and the dramatic growth on its southern edge along Peachtree Boulevard, we felt that the downtown grid and Mid-City District were ready for a large mixed-use project that would serve as a catalyst to revitalize downtown Chamblee," said Garry Sobel, principal – KRG.
According to KRG, developments of this scope require careful planning so both residential and commercial pieces can stand on their own merits. As KRG moved through the process, it became evident the true benefit lay in the CDDA’s acquisition of the property to fulfill its downtown Chamblee development vision on its own timeline. The CDDA negotiated the property’s sale that closed on December 21, 2016.