This Week's Atlanta Deal Sheet: Buckhead Office Complex Trades At A Discount
An Atlanta office tower has traded at a discount over its sales price almost a decade ago.
B Group Capital Management purchased Ameris Center, the two-building, 532K SF office complex in Buckhead at 3490 and 3500 Piedmont Road, for $81M, 10% less than what Atlanta Property Group paid for it nine years ago, the Atlanta Business Chronicle reported.
The Miami-based investment group funded the acquisition with a $61.9M loan from Truist Bank that matures in June 2029 in what is described as a short sale, according to the ABC, citing property records from Databank Inc. Truist also originated the previous loan on the property, which sold for $90M in 2015, the outlet reported.
In a statement to the ABC, Atlanta Property Group co-founder Jonathan Rodbel said the sale price was reflective of the current market for office buildings, not the asset’s performance.
SALES
McKibbon Equities’ McKibbon Income Fund I purchased the Courtyard Atlanta Buford Mall of Georgia, a 110-room hotel next to the Mall of Georgia, from an affiliate of Hotel Equities for an undisclosed sum. Synovus Bank provided debt financing. Gwinnett County appraised the hotel’s value at $8.25M this year, according to records.
Hunter Hotel Advisors Senior Vice President David Perrin brokered the sale.
LEASING
Aramark Refreshments inked a 45K SF lease at Chamblee International Logistics Park, a four-building, newly built industrial park in Chamblee. A subsidiary of Aramark, Aramark Refreshments will occupy all of Building 4.
Wilson Hull & Neal’s Joseph Rogers, Jamie Hargather and Riley Levitt brokered the deal for the landlord, a joint venture between Stonemont Financial Group and Seven Oaks Co.
***
The Back Nine Golf, an indoor golf simulator venue, signed a 2,200 SF lease with Selig Enterprises to open a new location at The Works at Chattahoochee, a mixed-use project in Atlanta’s Upper Westside. The venue, a franchise owned by local entrepreneurs Nick Garrity, Jake Blevins and Chris Tucker, will open this fall.
***
Indoor go-kart purveyor, K1 Speed Atlanta, is taking 81K SF at 1310 Seaboard Industrial, a 260K SF warehouse in Atlanta’s Upper Westside, according to a commercial alteration application filed with the city of Atlanta.
Landlord The Seng Co. would lead $2.5M of interior construction.
