Purchased for $8.4 million, the prime land parcel at 50 Ivan Allen Jr. Blvd. can accommodate
more than 1 MSF of commercial real estate development
ATLANTA, GA, September 25, 2018 /24-7PressRelease/ — Ackerman & Co. announced today that its Land Group has represented Drapac Capital Partners in the purchase of 50 Ivan Allen Jr. Boulevard, a prime 1.3-acre land parcel in downtown Atlanta, for $8.4 million. The seller was Regent Partners and Worthington Hyde Partners.
The Land team, led by John Speros of Ackerman & Co. and Kyle Gable of Pioneer Land Group, represented the buyer.
Drapac will hold the property for future development or sale. The parcel – bounded by Spring Street, William Street, Ivan Allen Jr. Blvd. and West Peachtree Place – is located next to the 348,658-square-foot 55 Allen Plaza office tower.
“Drapac Capital Partners believes in the growth of Atlanta’s downtown core,” said John Speros. “Given the demand for land and rising prices downtown, we believe virtually all new development in this area will be high-rise and support even higher land prices.”
The property offers immediate access to the I-75/85 connector and the Civic Center MARTA station.
To date, the Land Group has represented Drapac, an international property investment group with U.S. headquarters in Atlanta, in land transactions in excess of $39 million.
About Ackerman & Co.
Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast. The company, founded in 1967, retains an expert team of more than 100 real estate professionals. To date, Ackerman & Co. has developed and acquired nearly 35 million square feet of office, medical, industrial, retail and mixed-use space, has more than 7 million square feet under management, and maintains an investment portfolio valued at $1 billion.
For more information on Ackerman & Co., visit www.ackermanco.com
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