Hanover Company Acquires 7.86-Acre Duluth Site for 305-Unit Hanover Sugarloaf Multifamily Project
DULUTH, Ga. — June 25, 2026 — Hanover Company has acquired a 7.86-acre parcel at 1855 Satellite Boulevard in Duluth, Georgia for $12.44 million, with plans to develop Hanover Sugarloaf, a 305-unit multifamily project. John Speros and JT Speros of Ackerman & Co., Kyle Gable of Gable Land Co., and David Branch of SSG Realty Partners represented the seller, SP Sugarloaf LLC, in the transaction.
Site Details and Development Plans
The property fronts both Satellite Boulevard and Sugarloaf Parkway in Duluth, situated directly across Sugarloaf Parkway from the 118-acre Gas South District, which is anchored by the 12,000-seat Gas South Arena. The site is also adjacent to — and shares access with — the Kroger-anchored Sugarloaf Parkway Shopping Center.
Hanover Company plans to demolish the existing 56,000-square-foot vacant one-story office building on the site to make way for the new multifamily development. Hanover Sugarloaf will be built across four- and five-story buildings with surface parking, delivering 305 units.
Broker Commentary and Deal Context
"This project is a complement to the ongoing development of the Gas South District, as Hanover builds high-end Class A apartments. The project is unique with its pedestrian access to Kroger and many other retail and entertainment establishments," said John Speros, Senior Vice President at Ackerman & Co.
The Hanover Sugarloaf transaction is not the first collaboration between Ackerman & Co. and SSG Realty Partners on behalf of a seller. According to the announcement, the two firms have previously represented sellers in transactions totaling more than $50 million of land for ALTA Porter, a 290-unit multifamily project with 18,000 square feet of retail on Peachtree Road in Brookhaven, and Elysee, a 50-story, 100-unit condominium project on Biscayne Bay in Miami.
About the Companies Involved
Headquartered in Houston, Hanover Company specializes in the development of residential and industrial properties nationwide. The firm has a history of developing more than $19 billion in projects and 70,600 residential units.
Ackerman & Co. is a privately held, full-service commercial real estate firm focused on investment, brokerage, management, and development services across the South. Founded in 1967, the firm employs approximately 100 real estate professionals and has developed and acquired 44 million square feet of office, medical, industrial, retail, and mixed-use space. The firm currently has 7 million square feet under management and maintains an investment portfolio valued at over $1 billion.
Gable Land Co. and SSG Realty Partners also participated in the transaction on the seller's side alongside Ackerman & Co.
Transaction Details
The $12.44 million land sale equates to roughly $1.58 million per acre based on the disclosed site size. At 305 planned units, the per-unit land cost comes to approximately $40,800. No financing details were disclosed in connection with the land acquisition.