Local Real Estate Firm Hopes to Revitalize Vickery Village

Cannon Equities is hoping Vickery Village will thrive once again.

The Atlanta-based real estate firm has been hired by the community’s owner, Wells Fargo, to try and attract new businesses and tenants to the 236-acre mixed-use development.

“We have already seen some success and investor interest in the office condos and outparcels and two recent sales are indicative of that,” said Cannon Equities Executive Vice President Alex Brennan, who is helping oversee the Vickery Village revitalization.

One of those sales includes the purchase of an 11,000 square-foot office building, which housed Hedgewood Properties, the founder of Vickery Village. Brennan said about 35,000 square feet of retail space remains available.

To meet market conditions and potentially lure in new tenants, Brennan said Wells Fargo has lowered rental rates from about $23-$27 per square foot to $17-$19 per square foot depending on the location.

“Tenant improvement allowance is also being offered as well as free rent on the front end of the term to help people work through the initial start up of their business,” Brennan said. 

With five restaurants and a few service-oriented businesses currently serving the Vickery Village and South Forsyth communities, Brennan said Cannon Equities is hoping to attract more traditional retailers to fill the remaining vacancies.

“If we could wave our magic wand we would want to target apparel stores and health and pharmacy related concepts,” he said. “We are trying to leverage off the YMCA’s presence there, so maybe a health supplement store or a home goods store.”

On the residential side, Vickery currently has approximately 350 single-family homes in the community. The master plan originally called for about 600. With revitalization plans actively in place, discussions are currently underway with local builders and developers to begin construction as early as this spring.

“It is evident that the owner, Wells Fargo, realized the underlying value of this center, and given the success it previously had, it made sense to take on this project,” said Brennan. 

Brennan said Cannon Equities will host a series of on-site events for real estate brokers and local business owners to help promote Vickery Village as a great place to live, work and play.