This Week's Atlanta Deal Sheet: JV Buys Buckhead's 550 Pharr Building
A red-trimmed boutique office building in the Buckhead Village District changed hands after the seller’s loan matured in January.
Tenant Managers and Babloo Investments purchased 550 Pharr Road, a 108K SF office building with some retail, for an undisclosed price, according to a press release. While Tenant and Babloo didn't identify the seller, 550 Pharr Holdings LLC, the entity is tied to Atlanta-based Sage Equities, according to state documents.
Sage purchased the building in a joint venture with Anchor Capital Partners in 2017 for $20M. Oceanview Commercial Mortgage Finance held an $18M conventional loan on the property, which matured on Jan. 6, according to data compiled by Reonomy. Neither Sage nor Anchor returned messages seeking comment.
Tenant Managers legal counsel Mili Shah described the purchase as a value-add play in the heart of Buckhead. Shah said no outside brokers were used in the sale, but the firm is soliciting brokerage firms to help lease the more than 32K SF of vacant offices.
Tenants at 550 Pharr include the restaurant Bangkok Station and Anytime Fitness.
SALES
Stratus Property Group purchased 415 Rome St., a 38K SF retail strip center in Downtown Carrollton, for an undisclosed sum. The property was previously owned by 415 Rome Street LLC, which purchased the strip center in 2020 for $1.5M.
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Texas-based Woodside Capital Partners purchased Shadowood at Powers Ferry Road, a three-building office park near The Battery Atlanta in Cobb County, from the Atlanta Property Group for $14M, the Atlanta Business Chronicle reported. APG bought the complex, which encompasses nearly 200K SF, in 2017 for $22.3M and had a $19M mortgage set to mature in December, the ABC reported.
CBRE Executive Vice President Jay O’Meara and Vice President Ryan Reethof brokered the sale.
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RPM Living Investments bought Aspire Lenox Park, a 10-building, 400-unit apartment campus, from Willow Bridge Property Co. for $85M, the Atlanta Business Chronicle reported. Willow, which was a former multifamily subsidiary of Lincoln Property Co., purchased the apartment complex in 2014.
FINANCING
Vero Capital and Prime Finance secured a $108M refinancing package for four office properties, including a two-building suburban complex in Alpharetta. Goldman Sachs and Argentic wrote the loan for Parkway at Avalon, a 196K SF property off Old Milton Parkway, across from the Avalon mixed-use campus.
Walker & Dunlop Managing Director Sean Reimer, Senior Managing Directors Aaron Appel, Jonathan Schwartz, Adam Schwartz and Keith Kurland, and senior analyst Christopher de Raet arranged the financing for the 1M SF office portfolio with properties in Dallas, Raleigh, North Carolina, and Washington, D.C.
Vero purchased Parkway at Avalon at 11720 and 11800 Amber Park Drive in 2021 for $53M, according to Reonomy.
LEASING
Mannington Commercial renewed 14K SF for its flagship design center at Stockyards Atlanta, a five-building, 179K SF adaptive reuse project at 926-976 Brady Ave. in Atlanta.
Transwestern Senior Managing Directors Zach Wooten and Stephen Clifton represented landlord Clarion Partners. Cushman & Wakefield Executive Director Shea Meddin and Director Christian Taylor represented Mannington.
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Solar panel maker Qcells North America leased 843K SF at Busch Commerce Center, a 1.2M SF distribution center in Cartersville owned by MDH Partners and CF Real Estate Investments. NAI Brannen Goddard President Nathan Anderson and Managing Director Darren Butler represented the landlords, while Heritage Georgia Realty brokers Ray Kim and June Yeo represented Qcells.
PERSONNEL
Adam Cowart, John Ritger, Mark Woodworth, Henry Staley Jr. and Jill Bidwell have been named principals of new firm Woodworth Core Group. The firm is a result of the merger between lodging research and advisory firm R.M. Woodworth & Associates and hotel appraisal firm Core Hospitality Advisors.
