The Ardent Companies Acquires Property at 1010 Midtown in the Heart of Atlanta

ATLANTA - Aug. 15, 2013 - PRLog -- In July 2013, The Ardent Companies – a growing presence among private real estate investment and asset management groups – purchased 37,853 square feet of retail and restaurant space at 1010 Midtown from its previous owner, a joint venture between Daniel Corporation, Selig Enterprises and Canyon-Johnson Urban Funds for $15,000,000. An integral part of the 12^th & Midtown Development Initiative to establish Midtown Atlanta as a major Southern destination, 1010 Midtown is a 35-story, 630,000 square-foot mixed-use development poised on Peachtree Street between 11^th & 12^th Streets in Atlanta, Georgia.  Comprised of 443 luxury high rise condominiums and eight highly desirable street-level retail spaces, 1010 Midtown is currently home to such upscale tenants as Ri Ra Irish Pub, Panera Bread, RA Sushi, Mi Cocina, Piola, CB2 and Bank of America. Easily recognizable from the graceful lines of its unique architectural design, 1010 Midtown lives up to its tagline: “Life on the Curve.”

“This is a prime location in the heart of Midtown Atlanta,” explains Matt Shulman, Managing Partner of The Ardent Companies. “My partners and I are thrilled to be a part of the continued growth and success of one of the city’s most exciting live-work-play communities. We believe this will be an excellent long-term investment for Ardent, and will continue to focus our efforts on acquiring assets we consider to be exceptional.”

The Ardent Companies formed TAC Midtown, LLC to purchase the property at 1010 Midtown and are currently negotiating a lease for the remaining 2021 square feet of retail space with an undisclosed restaurateur who owns several restaurants throughout the city. Once signed, this lease will be representative of 100% retail tenant occupancy. 1010 Midtown is a significant component of Phase I of the 12^th & Midtown Development Initiative, a project that will eventually encompass four city blocks that include over 3 million square feet of mixed use space such as office towers, luxury hotels, premium residences, and flagship retail space. Completed in 2010, Phase II is a $500 million mixed-use complex comprised of 725,000 square feet of office space, 60,000 square feet of street-level retail space, the 414-room Loews Atlanta Hotel, and 52 signature residences. Phases III and IV are currently in development through Daniel Corporation, Selig Enterprises, Inc. and Northwestern Mutual.

“The 12^th & Midtown Development is irreplaceable real estate that will be an economic driver for City of Atlanta,” says John Chambliss, Partner at The Ardent Companies. “We are excited to be a part of the Midtown movement to bring high quality retail and restaurants to the area. 1010 Midtown already has a terrific tenant mix in place with a balance of trendy restaurants and established national chains. The luxury condominiums at 1010 Midtown prove a major draw for homebuyers who seek the intown lifestyle, desire an easy commute, and love the idea of enjoying an unsurpassed view of the Atlanta skyline nightly. There are more than 90,000 high paying jobs currently located in Midtown – three fourths of which are located in the one-square-mile Midtown Core surrounding 1010. We are witnessing a transition to a walkable community in the Midtown area, which will continue to grow as surrounding developments are completed. The South is embracing the live-work-play lifestyle, especially that offered in Midtown Atlanta.”

The purchase at 1010 Midtown represents Ardent’s eighth retail investment – many of which have been primarily focused in Atlanta and the Southeast. Ladder Capital provided debt financing, and Reid Hailey and Ralph Williams of Hailey Realty Company represented The Ardent Companies in the transaction. 

About The Ardent Companies:  The Ardent Companies (“Ardent”) is an Atlanta-based private real estate investment and asset management group, focused on making credible risk adjusted returns investing in real estate assets. The partners of Ardent have led the investment of over $1 billion of capital into real estate assets over the past 10 years across multiple states and asset types.

Since its launch in 2012, Ardent has purchased more than $150 million in assets. The Ardent team has a long history of success investing in real estate and will hold to key fundamentals of thorough due diligence and vertically integrated asset management.  Ardent is owned and managed by highly experienced real estate and investment professionals with an average of over 15 years of experience in real estate transactions, working in property acquisitions, underwriting, management, valuation, servicing, and institutional real estate investment banking. The firm will continue to invest in distressed loan acquisitions, developed or undeveloped land, and income producing real estate.  Ardent also originates bridge and mezzanine financing.