Three years after the first tenants opened inside Krog Street Market, the Inman Park mixed-use redevelopment has been listed for sale.
Investors in the project seek to recapitalize funds due to its success, Curbed Atlanta first reported. Atlanta-based Paces Properties purchased the former warehouse space in 2012 for $13.5 million, and opened the doors with a mix of dining and retail in late 2014.
Multiple restaurants have closed or re-branded since the opening, but the market remains consistently busy. The Inman Park neighborhood, with the addition of the Atlanta Beltline’s eastside trail and a surge of developments, has thrived in recent years.
No asking price for the sale has been released, but Paces contacted unnamed investors who may be interested in the property Friday.
The company plans to remain close to the market, as it will keep the paid gravel parking lot at the corner of Krog and Irwin streets. Plans for the site haven’t been announced.
Paces principal Merritt Lancaster doesn’t expect many changes with a sale, Curbed reported. But most leases for slots at Krog Street Market were structured for three to five years, meaning new owners could potentially incorporate new businesses soon.
The market's 22 tenants, which include Ford Fry's Superica, Hop City Craft Beer & Wine and French Market Flowers, were reportedly notified of the sale this week.
Paces, a partnership founded in 1972, owns about a dozen active or forthcoming properties in metro Atlanta. The company holds The Jane at Grant Park, Vinings Jubilee and Larkin on Memorial — a 63,000-square-foot development under construction across from the Oakland Cemetery.
Another Paces property, The Office Apartments on Piedmont Avenue, is also being sold, a spokeswoman told The Atlanta Journal-Constitution. The apartment building is a joint project between Paces and Tampa-based DeBartolo Development.
About the Author
