News
BOWERS SELLS HALF OF PINNACLE
January 4, 2011
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| Norcross' Pinnacle Business Park was close to being nearly emptywhen owner Chicago-based Wrightwood Capital decided to change its marketing strategy. Instead of trying to just lease in a very shallow market, or sell the entire 308K SF park to one investor, Richard Bowers & Co's Bill Johnson and the Land and Investment Group convinced Wrightwood to market the buildings individually. The strategy seems to be working. In less than 10 months, Bill and his team have sold 50% of the park to a mix of users and individual investors, including Omega Bio-Tek, which purchased 400 Pinnacle Way (pictured) for $1.18M and Cape Engineering, which purchased 500 Pinnacle Way for $1.2M. Cape will use the building for its world HQ, according to Databank. A third building, 100 Pinnacle Way, sold to a Korean investor for $1.6M. ?We spent the first 10 months trying to get the price right,? Bill tells us. The remaining three buildings in the park are still for sale. | |
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| Bill grabbed a pic of one of his newest team captains for us as well.Anthony Lois has just been named VP of Bill's land and investment group. A five-year employee there, Bill tells us that Anthony has a ?keen sense on the analysis of the transaction.? |
