Hailey Bundles More Buys
Johnson Hailey Investments now owns the whole thing. The firm, an affiliate of Hailey Realty, purchased the last building at Roswell Business Center--a 40k SF office that is little more than 40% leased--from the original developers for an undisclosed price. The deal rounds out JHI's ownership of the entire complex, says JHI's Jay Young. We reported last year that the firm purchased the first six buildings from LNR for $6.5M. And from a leasing perspective, that investment paid off: JHI was able to take occupancy from 45% to nearly 70% in under a year. Jay tells us the firm will now spend money to upgrade the common areas and its exterior. (We have some paintings of clowns that would go great in the common areas.)
JHI also purchased Westlake Business Center--a two-building 66k SF office complex at 420 Technology Pkwy in Norcross--at the tail end of 2012. Jay says they picked up the properties from special servicer C-III for an undisclosed sum in a "broker-assisted auction" handled by NAI Brannen Goddard's David Beak.
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