This Week's Atlanta Deal Sheet: Sandy Springs Office Park Changes Hands In Deed-In-Lieu Transaction
An Atlanta real estate firm acquired the four-building Embassy Row complex in Sandy Springs for a huge discount after the previous owner handed over the keys to the property.
Insignia LLC took title of the 670K SF mid-rise office campus through a deed in lieu of foreclosure transaction valued at $34.5M, less than the $60M Wells Fargo Bank loan attached to the property, the Atlanta Business Chronicle reported.
Bridge Investment Group and Fairlead Commercial Real Estate, which merged in 2017, purchased Embassy Row in 2015 for $70M, according to the Reonomy property database. Wells Fargo’s loan was initially set to mature in 2020, according to Reonomy.
Embassy Row is 55% leased at time of purchase, with Newell Brands, Mr. Coffee and American InterContinental University among its banner tenants, according to the ABC. Insignia, which owns local shopping centers and River Ridge, the 179K SF office building at 9040 Roswell Road in Sandy Springs, obtained a $17.6M loan from White Oak Assets for the acquisition, which matures in March 2025, the ABC reported.
SALES
Bukhari Group Hospitality purchased the Holiday Inn Express & Suites Alpharetta-Windward Parkway from Atlanta-based Satori Collective for an undisclosed price. Satori purchased the 124-room hotel in 2013 for $7.3M, according to Reonomy.
Hunter Hotel Advisors Senior Vice President Mayank Patel brokered the transaction.
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Krause Auto Group, an automotive dealership chain, purchased 17.6 acres in Winslow Park, a 215-acre planned mixed-use campus in Athens, Georgia. The park was assembled and owned by Scottsdale, Arizona-based Walton Global, according to a press release. Krause’s purchase price was undisclosed. The site, along Atlanta Highway, is slated for a new Krause dealership.
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An affiliate of the Montreal-based Frankforter Group sold the 164-unit apartment complex at 1900 Delowe Stanton Access Road in East Point for $14.5M. Stanton Yards Apartments Property Owner LLC, an entity tied to Atlanta-based Donald Capital Group, was the buyer, according to records.
Bull Realty Apartment Group President Scott Spalding, Senior Vice President Marco Welch and Vice President Joe Mitchell brokered the sale.
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An affiliate of Crescent Real Estate purchased Home2 Suites by Hilton Alpharetta, a 107-room hotel, from RAM Hotels for $21.3M, the Atlanta Business Chronicle reported. Fort Worth, Texas-based Crescent also owns the high-end Hotel at Avalon.
LEASING
Coxe Curry, a fundraising consulting firm for nonprofits, leased 12K SF at 191 Peachtree, the 50-story Downtown Atlanta skyscraper owned by Banyan Street Capital and Oaktree Capital Management.
Atlanta-based developer Integral Group also leased nearly 14K SF at the iconic tower. CBRE Senior Vice President Kyle Kenyon and Executive Vice President Chris Port represented the owners in the deals.
DEVELOPMENT
A joint venture of Grandview Partners and Farpoint Development is planning to break ground this quarter on Lafayette Logistics Park, a distribution complex in LaGrange that is ultimately expected to span 2M SF. The developers are starting with a first phase that includes four warehouses ranging from 187K to 270K SF, set to deliver in Q4.
PERSONNEL
Multifamily developer Cortland has hired Bill Davis as executive vice president of design and architecture, tasked with leading the firm’s architecture, interior design and design business teams.
Davis, who has more than 20 years of experience in the architecture industry, was an owner and partner with DVA Architecture. He also held roles with D. Stanley Dixon, THW Design and Praxis3.
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Colliers hired Lewis Sloan as vice president for its industrial services group. With 10 years of commercial real estate experience, Sloan most recently worked as a real estate advisor with Davis Moore in Raleigh-Durham, North Carolina.
