Shops Around Lenox bought by local firm, joint-venture partner
Healey Weatherholtz Properties of Buckhead closed June 30 on its purchase of The Shops Around Lenox, across the street from Lenox Square mall, in a joint venture with Alex Brown Realty of Baltimore.
The purchase price for the 125,000-square-foot retail center was not disclosed. Angelo, Gordon & Co. reportedly paid $33.9 million when it acquired the center in 2005 from AMB Property Corp.
Shops Around Lenox is home to Dantanna’s Buckhead, which houses Brett Hunsaker’s Buckhead Cigar Club, Blue Genes jeans boutique, Roche Bobois and American Apparel.
There are several vacancies in the center, including the former CompUSA/Tower Place and Bally Total Fitness sites.
Healey Weatherholtz will take over management and leasing of the center and hopes to revitalize it.
Healey Weatherholtz also recently acquired Paper Mill Village in East Cobb. The firm also owns Commerce Crossing in North Georgia and Howell Mill Shops next to Fellini’s pizza shop on Howell Mill Road.
Isakson refinances Peachtree Hills Place
Isakson Living Inc. reportedly has reached an agreement to acquire Colonial Bank’s equity interest in Peachtree Hills Place, Isakson Living’s planned 274-unit continuum-of-care residential community in the Peachtree Hills neighborhood of Buckhead.
Andy Isakson, the president of Isakson Living, has said the acquisition allows his company to move ahead with development plans while allowing Colonial to focus on its core banking business.
According to Isakson, his company recently renewed the financing on Peachtree Hills Place, contributing $8.5 million in additional equity to pay down the existing loan in the amount of $2 million.
Isakson Living also posted a deposit for the next year’s interest reserve and set aside $4.9 million for operating funds for the project, he said.
Isakson Living reportedly has 42 percent leverage on Peachtree Hills Place. Isakson said most projects in his industry are leveraged between 80 percent and 100 percent.
BATMA, Buckhead Community Bank launch bike loan program
The Buckhead Area Transportation Management Association (BATMA) is partnering with the Buckhead Community Bank on a program to get residents to consider using two wheels instead of four to get around Buckhead.
By opening a MAX Reward Checking account at the bank, people are eligible to apply for a 12-month, no-interest loan of up to $2,500 for the purchase of a bicycle. Motorcycles do not qualify.
“We take great pride in offering programs that are good for our customers and good for the community,” said Marvin Cosgray, the president of the Buckhead Community Bank. “These bike loans will help people take positive steps for their health and for the environment, and at the same time they get the benefits of an outstanding checking account.”
The MAX Reward Checking account pays an annual percentage yield of 3 percent on balances up to $100,000, has no maintenance fee and provides account holders with free access to ATMs anywhere. Certain requirements do apply.
BATMA offers several incentives and programs to encourage commuters to bike to work. New bike commuters can earn $3 a day, up to $100 over three months. Cyclists who commute to Buckhead by bike three or more days a week also can earn a $20 gift card each month.
In addition, commuters who bike to work are eligible to receive up to five free taxi rides home in case of an unexpected event.
For more information, visit www.batma.org.
Mayor Franklin to address BBA luncheon
Atlanta Mayor Shirley Franklin will be the keynote speaker at Buckhead Business Association’s (BBA) Quarterly Luncheon Thursday, July 23, at the 103 West event facility, 103 West Paces Ferry Road in Buckhead.
“We are delighted to welcome Mayor Franklin, who will look back on her two terms in office and who may also share her view on the opportunities and challenges ahead,” said Elizabeth Gill, president of the BBA. “I suggest you make reservations now, because this major event will likely sell out!”
Reservations for the event, which starts with registration at 11:20 a.m. and ends at 1:30 p.m., should be made no later than July 17, either online at www.buckheadbusiness.org, by phone at 404-467-7607 or by fax to 404-467-7610. After July 17, contact the BBA office directly for available seating at 404-467-7607.
In 2001 Franklin was elected to become the first female mayor of Atlanta and the first African American woman to serve as mayor of a major southern city.
Individual tickets (including lunch) are $50 for BBA members and $75 for guests and visitors. Corporate tables, which seat 8, are $400 for BBA members and $600 for non-members.
The name will be Chez Niko
Buckhead Life Restaurant Group has settled on Chez Niko as the name for its new restaurant in the 3344 Peachtree building in Buckhead after casting aside former names of Pano’s Grand Cafe and then Balon Rouge.
Chez Niko is named after Buckhead Life’s director of operations, Niko Karatassos.
Reportedly, Niko Karatassos is touring France with Buckhead Life CEO Pano Karatassos Sr., son and Kyma chef Pano Karatassos Jr., and chef Gary Donlick, searching for an “authentic feel and flavor” for the new restaurant, which is slated to open this fall.