Meet Josh Ahlzadeh | Managing Director / CEO at Delza Properties Management, Development, and Leasing Firm.

We had the good fortune of connecting with Josh Ahlzadeh and we’ve shared our conversation below.

Hi Josh, where are your from? We’d love to hear about how your background has played a role in who you are today?
I was born and raised in Dunwoody / Sandy Springs. My father was a jewish Iranian immigrant who came to this country after the revolution in his country forced him, his siblings, and parents out. It was a big adjustment and a hard time in his life, but he worked extremely hard to achieve the American dream and take advantage of all of the opportunities this country afforded him. He met my mother (a Virginia Beach native) at Lennox Mall in 1985, and two and a half years later they got married and I was brought into this world.

During my upbringing, I was always taught the importance of handwork, dedication, and doing things RIGHT, no matter how long it takes or how difficult a task that may be. I also learned that great things never came without sacrifice, oftentimes adversity, and the ability to deal with and make tough, and many times uncomfortable decisions.

In addition, having a strong foundation of knowledge and to relentlessly study and master anything I chose to pursue. I was always taught that true leaders, most effectively lead by leading by example, a sentiment that is evident in my workflow every single day.

I always strive to set the bar high and deliver maximum value when it comes to the different departments of my company, so those values are echoed throughout our employees, colleagues, vendors, partners, and tenants we work with.

What should our readers know about your business?
There are many “family offices” and “hands-on owner/operator” driven firms out there that really pound the pavement and get it done.

However, most all of them including myself typically have their own unique direction on their management strategies for acquiring as well as holding and growing their properties for the short and long term.

I have always been a “contrarian” investor, in that we primarily seek out opportunities in properties that other group may shy away from.

If a property is shiny and fully leased with class A tenants paying top of market rents, it is not our cup of tea.

If a property has been neglected, mis-managed, under-managed, has a poor occupancy/occupancy history, has extensive damage, blight, deferred maintenance, or is located next to a train track or a jail, it’s right up our alley.

While we do not advocate to just go out and “buy cheap property” we carefully analyze and underwrite and create “Value Add Redevelopment and Lease-Up Plans” for properties that we believe have unrealized potential, and carefully execute them if the numbers make sense.

Regardless of price or temptation, we stay disciplined and follow our core fundamentals of acquiring real estate. There are many factors we consider, but it boils down to sites with good visibility, strong signage, as well as strong indications of high-leasing demand in that market well as a presence of growing residential and commercial investments.

Fortunately, the Metro Atlanta and surrounding areas (and Sunbelt region as a whole) have been growing at a record rate the last 6 years, and we are extremely thankful to have been able to help play a part in it.

Undoubtedly, I am most proud of our successful acquisition and repositioning of Loehmann’s Plaza, at 8610 Roswell Rd in Sandy Springs.

This is a 89,000 sf building on 14 acres right by one of our other properties (Huntridge Center) and we always wanted it.

We always thought the previous owner was not really investing the time and money into the property to really maximize its value to the community, and of course his rental rates.

It was not “on the market,” but we had a plan and were able to get it under contract in November 2019.

However, as we all know, Covid19 created a huge barrier in all financial and real estate dealings/closing, and investments in general. We were met with lots of uncertainty from our financial partners and lenders, though we finally secured financing (and a favorable price reduction off the purchase price) and closed on the property on April 9th, 2020.

We already knew the property had issues. There were visible leaks in the roof and holes all over, 75% of the hvac systems were in disrepair, there were potholes throughout the parking lot, no exterior lights, abandoned cars, and I even found shell casings in the middle of the parking lot.

In addition to the all of the deferred maintenance, we had over 20% vacancy, with many tenants on a month to month or with leases that were up for renewal.

We were able to quickly implement our Capital Improvements Plan at the site that included but was not limited to:

– new roof, gutters, downspouts
– new HVAC
– new facade and paint
– new sealcoat and striping in parking lot and all walkways
– new LED lights throughout
– new LED monument sign

In addition to the physical improvements, we changed the name to “River Springs Center” and created a fresh marketing campaign. We signed leases with Dollar Tree (15,000 sf), and Orbit Arts Academy (17,000) for the Anchor Box Spaces, as well as 8 additional leases that include: Las Morelianas Mexican Restaurant, Master Pius Martial Arts, Delectable Delights, Pearl Massage, Lit Fit Nutrition, Twin Brothers Jewelry & Art Gallery, Round House Kickboxing, and Mandi’s Salon & Beauty Bar.

We were also able to secure New Leases at the appropriate market rent with the existing established tenants who leases had expired. They include:

Pasofino Salsa Studio, Cloud 9 Smoke, Tony’s Sportsbar and Restaurant, Emidios Restaurant, Roswell Upholstery, GK Beauty Salon, Ahma Hair Braiding, Rumo’s Pool & Spa, and the Accounting and Tax Advisory Group.

We are continuing to work with existing and new tenant prospects to navigate the future of this center.

The biggest lesson I have learned is to not “FORCE” an idea or direction of a leasing plan, or any plan for that matter, as the market and submarket demand is what is the direct driver of that. They know what people wants, because they are the people!

That’s why it is extremely beneficial to have a direct pulse on leasing climate of any new markets you enter.

Having already leased and managed Huntridge Center, we were already ready to go and had a good idea of what to expect for “River Springs Center.”

While I do believe utilizing internet / technology (try Loopnet and Crexi) to analyze and research properties is an extremely powerful tool..

If you are making a big investment and your neck is truly on the line, having had or actively pursued gaining FIELD EXPERIENCE of that specific market is absolutely essential. Knowledge is everything as these investments are made for and paid off in the future.

I would like the world to know that I am extremely passionate and prideful in everything that I do. That’s just my nature and in my DNA. I also strive to continue to continue to take “calculated risks” and rapidly grow my company with more value-add properties to sink our teeth into.

This is not an easy job that is not for everyone. The money is good, but that is not my motivation. I truly enjoy and get fulfilled by all things real estate, and the progression. It is my quest in life to not only grow personally and spiritually, but as a businessman with a relentless attitude and dedication to excellence. That is what keeps me going and motivated to continue to find and take advantage of new opportunities.

I strongly suggest anyone who wants to “make it big” must find something they absolutely love so they will have total dedication and never “watch the clock.”

Any places to eat or things to do that you can share with our readers? If they have a friend visiting town, what are some spots they could take them to?
I am a big fan of food halls, breweries, experiential retail, etc.

After I picked them up depending on time, I’d them to Politan Row at Colony Square for some good food, drinks, and people watching.

During the day we would definitely go to Ponce City market or Krog St market for lunch and then walk the Beltline and check out everything going on with the shops and restaurants, as well as the local arts display and skateboarders. Love to get drinks and dinner in Inman Park at Barcelona, Beetlecat, or Delbar. Then cocktails at Little Spirit. Then maybe late night cocktail on the rooftop at the Clermont hotel and/or Clermont lounge.

Next day I’d do The Works at the Upper westside. They have an awesome selection of restaurants, stalls, and breweries, as well as some really cool communal outdoor spaces to chill.

Sunday funday would be great to have lunch at Le bilboquet in Buckhead. Their food and patio area is great, and there are lots of cool shops nearby to do a little shopping after you’ve had too much Champagne.

Overall, here are my other top categorized pics:

Games: Puttshack, Painted Duck, Painted Pin, Revery VR Bar

Dancing: Johnnys Hideaway, MJQ, The Basement, Northside Tavern, Eclipse Di Luna (Buckhead location)

Best Brunch: Kaleidoscope, the Nook on Piedmont park, Bar Mercado, Henry’s midtown tavern

Best Beltline Bars: Lady Bird, New Realm, Vinoteca, Lingering Shade, Pour Taproom, Guac y Margs

Overall, Atlanta is such a cool and diverse city, it has changed so much but always feels like home to me.

Shoutout is all about shouting out others who you feel deserve additional recognition and exposure. Who would you like to shoutout?
My biggest influences who have helped shaped me and my career have undoubtedly been my father Dennis Ahlzadeh, and both of my 2 grandfathers, Alan Hoffman, and Mansour Ahlzadeh, who were extremely accomplished and well-respected real estate investors / developers of their time.

Ever since I was born, the real estate business was not only right in front of me, but all around me. I believe I am extremely blessed and fortunate to have had this kind of exposure at such an early age. Not only did I learn so much about the business as a whole, the mindsets and principles as it relates to successful expansion and building, as well as managing the wide range of people we deal with on a day to day basis. Whether it be groundskeepers, admin staff, bankers, broker, tenants, contractors, inspectors, investors, associates, or whoever… I learned we are not just in the “property business,” but even more so in the “people business.”
While some people may think being around their family business may leave you feeling tired, annoyed, and/or disinterested. However as I got older, I developed a growing love for real estate, and the challenges it presents. I also realized the true feeling of fulfillment it can provide to those who work hard to make a property / project come to fruition. I again credit that back to my family who were always talking about and engaging in real estate activities from a young age.

In regard to the acquisition of River Springs Center (formerly Loehmanns Plaza) I have to give a special thank you and shoutout to Jason Chaliff of Rise Property Group. Jason has not only also been a friend since high school who also grew up in Sandy Springs and has a family with real estate background,  he helped us sell a fully developed industrial property to a California hedge fund once it was fully leased and completely rehabbed. This sale allowed us to take the proceeds and acquire River Springs Center.

Website: www.delzaproperties.com

Instagram: delzaproperties

Linkedin: https://www.linkedin.com/in/josh-ahlzadeh-ab6128187/

Facebook: https://www.facebook.com/josh.ahlzadeh/

Youtube: https://www.youtube.com/channel/UCwIEl1bsdR6dA-4DBPQ1JOQ

Other: https://www.airbnb.com/users/show/385794048

Image Credits
Photo Credit: Aaron Levine