News
C.P. TROPHY FOR SALE
December 7, 2010
| Another major Atlanta tower is testing the investment market. And the timing may be really good for it. |
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| Colonial Properties Trust (NYSE: CLP) has staked the for-sale sign in front of Three Ravinia Drive, the 814K SF pagoda-looking tower off Ashford-Dunwoody Road (we snapped it last evening in the vesper light). Eastdil Secured's Mike McDonald confirmed his company has been tapped to market the iconic tower. Colonial acquired Three Ravinia in a partnership with DRA Advisors in 2005 from CRT Properties. Then Colonial got sole ownership when it sold out of its DRA JV in 2009, and paid $24.7M for the tower. Sources say Easdil plans to solicit offers by the end of the month for a Q1 sale. ?Colonial and Eastdil's timing on Three Ravinia is very good,? says Ackerman & Co.'s Kris Miller. ?It's 91% leased to good credit tenants with over five years left on most leases.? Kris says there's so much pent-up demand for quality, leased assets that Eastdil could be fielding two dozen serious offers. ?With the ability to add accretive leverage given current low-interest rates, some of these offers will probably be very aggressive,? he says. One source familiar with the asset says Colonial could see numbers at $175/SF—or more than $140M. |
