Origin Capital Secures Centrum at Glenridge
A Chicago-based real estate investment firm has picked up the HQ for Havertys.
We got word yesterday, before everything just iced over in Atlanta, that Origin Capital purchased Centrum at Glenridge, a 183k SF Central Perimeter office building that's home to Havertys Furniture's HQ and is more than 80% occupied (which it just renewed for 50k SF). Ackerman & Co--along with Northwestern Mutual-- sold it's long-owned property for $28.5M, or $156/SF. Eastdil Secured's Mike McDonald and Kennedy Hicks brokered the sale.
Ackerman's Kris Miller states in an email that the firm had put the building quietly on the market and received an attractive offer. On its website, Origin states it purchased Centrum as part of its Origin Capital Fund II and views it as a value-add play by pushing occupancy and rents up as the Central Perimeter submarket tightens. Stream Realty Partners have been tapped to lease and manage Centrum as well. Origin also plans to invest money in elevator modernization (no more dumbwaiters?), parking garage repairs, and creating a “tenant lounge,” says Origin's Dave Welk. “With significant positive absorption over the past several quarters, no speculative construction, and several new institutional owners in the submarket, we expect strong market rent growth over the near-term,” Dave says.
