This Week's Atlanta Deal Sheet: New Owner Buys Peachtree Corners Office From Lender
A Peachtree Corners suburban office property has been picked up by a new owner after the former owner’s lender foreclosed on it last year.
A Minnesota-based company purchased 303 Research Drive, a 73K SF, single-story office building within the Technology Park campus in the heart of Peachtree Corners, for less than $4.2M.
Bull Realty President Michael Bull and Adviser Austin Bull brokered the sale for the former owner, Cedar Bagga Investments LLC. Cedar Bagga foreclosed on the property from RT Management Properties in October for $2.8M, according to the Reonomy property database.
Prior to this sale, Cedar Bagga sought buyers for 303 Research via public auction and selected a buyer paying $3.6M. But that sale fell through, allowing the seller to reap a higher price when it closed on July 5 in the all-cash deal, Bull said.
Bull said the company, registered as 888 Holdings LLC, plans to use part of the building for its business, tapping his firm to lease the rest of the space. The LLC is registered to the same address as product and brand development firm McNaughton Inc.
SALES
Equity Residential purchased a 319-unit apartment project from an affiliate of Crow Holdings, the parent company of Trammell Crow Residential, for $126M, the Atlanta Business Chronicle reported.
Iris O4W is located in the Historic Fourth Ward Park neighborhood near Ponce City Market. The purchase marks the highest price paid for a multifamily property in Metro Atlanta this year, the ABC reported, citing Databank.
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The would-be rescuers of South Downtown picked up the historic retail building that is the current home of Friedman’s Shoes for $7.5M, the Atlanta Business Chronicle reported. The group, led by tech entrepreneurs Jon Birdsong and David Cummings, has amassed the properties once held by NewportRE before the German investment firm threw in the towel on the Downtown properties.
Friedman’s Shoes sold the 37K SF building at 209 Mitchell St., which was erected in 1900. The retailer of oversized shoes and accessories eventually plans to move to a new location down the block, the ABC reported.
FINANCING
Atlantic Pacific Cos. and Highline Real Estate Capital obtained a $13M Freddie Mac loan for their purchase of Arcadia Decatur, a 101-unit garden-style apartment community off North Arcadia Avenue near East Ponce de Leon Avenue in Decatur.
Berkadia’s Scott Wadler, Matt Robbins and Abigail Beauchamp arranged the five-year, interest-only, fixed-rate loan for the joint venture. The full purchase price wasn't disclosed.
The seller, New York-based Liquid Capital Real Estate Investments, bought the complex in 2021 for $23.3M, according to Reonomy.
LEASES
Colliers renewed 40K SF at Promenade Tower in Midtown with Cousins Properties. One of Atlanta’s largest commercial real estate brokerage firms, Colliers first leased 35K SF at Promenade in 2013.
The 38-story, 775K SF skyscraper is at the corner of 15th and Peachtree streets in Midtown.
DEVELOPMENT
Red Wolf DCD Properties, a company out of Brooklyn, New York, is looking to develop a 1.25M SF data center in Henry County, according to an application filed with the Georgia Department of Community Affairs, which regularly evaluates projects that will have a regional impact on infrastructure.
The project is along Strickland Road, just north of Hampton-Locust Grove Road, according to the application. The project is expected to be delivered in 2028.
PERSONNEL
Columbia Residential has tapped Ken Clark as the firm’s chief operating officer. Clark, a 30-year affordable housing veteran, most recently served as the deputy director of the Housing Authority of Savannah. Clark graduated from Morehouse College and holds an MBA from Georgia Tech.
