A Strategic Shift?

Over the last 30 days, we have been quiet on the blog front, but for good reason! Much of October, November and December has been spent processing the two newest additions to the Barrett portfolio: 1800 Highway 225 in Spring Place, a 120,000 SF industrial building, and 241 Peachtree Street, Unit 2, the focus of this post. The new addition on Peachtree Street in downtown Atlanta represents a dramatic departure from our perceived strategy, but the acquisition provides an attractive opportunity to diversify our portfolio and gain immediate cash flow in an area of Atlanta that is being reborn; Peachtree Center.
The Peachtree Center MARTA Station stops below our new building and the space has direct inside access to the common areas of Peachtree Center where a non-interruptive $30m renovation has just begun. According to the Peachtree Center website, “Renovations are officially underway at Peachtree Center, an ambitious redevelopment project that will transform and modernize the retail center and courtyard. The retail center will evolve into The Hub and provide a plethora of new experiences in the heart of Downtown Atlanta. With an exciting and well connected collection of over 50 delectable eateries, fabulous shops and urbane gathering spaces, all accessible via MARTA, The Hub will transform this landmark project and bring it into the future with stunning new finishes and a revamped line-up of restaurants and stores. The courtyard will be completely redesigned with a show-stopping glass-enclosed staircase connecting directly to The Hub, reflective pools with seating and art displayed throughout. Transforming the bustling streetscape, the courtyard will also feature a suspended canopy of linear lighting elements to create a dynamic signature feature that will be especially stunning at night and provide a new town square for Downtown Atlanta.”
Does this investment mean that Barrett Properties is shifting its focus to major markets? By no means. However, this is representative of our new mantra: Be quick, Be flexible, Be open minded, Get a return. We no longer have a box, so we cannot think inside it anymore.