Tuesday, June 7, 2022

[UPDATE] Asana Partners Puts Several Prized Properties Up For Sale

Asana Partners, one of the largest owners of properties and shopping centers within intown Atlanta, is putting three of its assets up for sale.  The Charlotte-based firm, whose local holdings include Krog Street Market and Midtown Promenade, has hired CBRE's National Retail Partners-Southeast to market Plaza on Ponce, Morningside Village and Glenwood Park for sale.  The firm is also marketing another Asana asset, Edgehill Village, in Nashville's Edgehill neighborhood, not far from Music Row.   The sales listing indicates that "ownership will accept offers on an individual property and/or portfolio basis."

Plaza on Ponce, which Asana acquired in 2017 for $18.1 million, is a 50,940 square foot retail center and historical landmark located at the intersection of Ponce De Leon Avenue and North Highland Avenue in Poncey-Highland. Plaza on Ponce was developed in 1939 by Relnac Inc. and designed by famed modernist architect George Harwell Bond. As Atlanta’s first shopping center with off-street parking, Plaza on Ponce entered the National Register of Historic Places in 2020.  "Its legend extends far beyond Atlanta and its art deco design and iconic anchors are familiar to millions." says the listing.  

Plaza on Ponce is anchored by the Plaza Theatre, which is the oldest operating movie theater in Atlanta and one of the last remaining original tenants from the property’s debut. Its co-anchor Majestic Diner predates the development of Plaza on Ponce and has been serving up “Food That Pleases” since 1929. 

Following its purchase and with the local expertise of SRS Retail Partners' Lily Heimburger and Adrienne Crawford, Plaza on Ponce added several local and national tenants to its lineup. Among the additions to the center are Jeni's Splendid Ice Creams, Insomnia Cookies, Jinya Ramen, Allure Nail Lounge & Salon Suites, Ephemeral Tattoo, Fishmonger, East Pole Coffee Co., and Southern Belle and Georgia Boy from Chef Joey Ward.  

Morningside Village spans 2.6 acres across four buildings along North Highland Avenue in Morningside.  The listing, which cites the high commercial barriers to entry in the neighborhood, calls Morningside Village "a once-a-generation offering."   In total, the property encompasses 45,362 square feet on both sides of North Highland Avenue.  Morningside Village is reportedly 100% leased, with new additions following Asana's June 2018 acquisition including Megan Huntz, a women's clothing boutique, Faced The Facial Studio, The Ten Spot, a beauty bar and the offices of TipTop Proper cocktails.  

Glenwood Park is a 48,633 square foot collection of street front retailers located in the lower level of a mixed-use development that includes 375 privately owned condos and townhomes. The retail portion of Glenwood Park includes several service, retail and restaurant users that benefit from the property's location along the Atlanta BeltLine Eastside Trail.  Following its early February 2018 purchase by Asana Partners, Jeni's Splendid Ice Creams, Emmy Squared Pizza, Vesper and Pho Cue, a Vietnamese barbecue joint, were all added to the retail mix.  

Asana Partners purchased a majority stake in Edgehill Village in June 2017.  The property was to have marked the firm's push into Nashville, but according to online reporting is seemingly the only asset the company purchased in the Music City.  

Elsewhere in Atlanta, Asana Partners owns Krog Street Market, Atlanta Stove Works, SPX Alley, collectively "The Krog District,"  Midtown Promenade, Brickworks, The Beacon, a few buildings along Edgewood Avenue, and several other smaller/stand alone assets in Atlanta. The Krog District and Midtown Promenade are both currently undergoing significant expansions/renovations that will bring a host of new retailers, restaurants and services to their respective neighborhoods.  

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