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Atlanta landmarks Plaza Theatre, Majestic Diner, sold for $18 million

March 9, 2017

Atlanta’s Plaza Theatre, a landmark on Ponce de Leon Avenue that opened in 1939 and is known for its Friday night performances of the “Rocky Horror Picture Show,” has been sold.
Charlotte, N.C.-based Asana Partners bought the strip center that includes the theater and clothing retailer Urban Outfitters, according to Fulton County property records. Asana also purchased an adjacent property known for the Majestic Diner with its familiar sign “Food that pleases since 1929.”

Asana paid $18.1 million for the properties that make up a combined 2.6 acres at Ponce and North Highland avenues and Cleburne Terrace. The transaction closed March 1.
Asana Partners’ Sam Judd said the firm has no plans to tear down and redevelop any of the buildings it acquired. It would look to add value to the center through retaining the existing buildings.

In January, Asana announced it raised a $500 million fund to target retail investment in high-growth urban and infill neighborhoods across the country, including cities such as Washington D.C., Charlotte, Austin and Atlanta.

The corner property at Ponce and North Highland has been sought for years, but potential buyers found it difficult to reach a deal. The strip center including the theater was owned by Ponce Investment LLC.

That corner is also less than a mile east of the former Sears, Roebuck & Co./City Hall East building, which has been redeveloped into Ponce City Market, a mixed-use project with apartments, several technology and media companies, retailers and a food hall. Ponce City Market is already achieving some of the highest office and apartment rents in the city. Combined with the Beltline's Eastside Trail, Ponce City Market is a catalyst for redevelopment along Ponce de Leon.

SOURCE: Atlanta Business Chronicle 

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