Several office properties in the suburbs of Atlanta, tied to a distressed Commercial Mortgage-Backed Securities (CMBS) loan, have reportedly witnessed a value loss of up to 36.5% based on a recent appraisal. Lenders and owners continue the difficult task of identifying a bottom for office prices.
A total of eight office buildings, owned by the bankrupt landlord Adventus Realty Trust and largely based in the Atlanta suburbs, were appraised and saw their value decline from $439M to $279.9M, as per Morningstar Credit. This collection features notably five office complexes located in Metro Atlanta.
The re-evaluated Atlanta properties include, firstly, the three-building, 315K SF Barrett Lakes office park located in Kennesaw, which was reappraised at $55M, indicating a drop of 30.5%. Secondly, the four-building, 350K SF TownPark Commons set in Kennesaw saw its value plummet 19.3% to $63.8M. Then, the six-story, 162K SF Milton Park situated at 30000 Mill Creek Ave. in Alpharetta, was valued at $47.9M, a steep fall of 36.5% from the initial estimated value.
Washington D.C. Braces for Matt Gaetz as Attorney General: What's Next? **Washington D.C.** has been…
New Jersey Faces Drought Warning Amid Wildfire Threat As New Jersey grapples with an alarming…
Shayne Coplan's Home Raided by FBI in Polymarket Investigation New York City—Early Wednesday morning, the…
Exciting News for Event Lovers in Atlanta! Hey there, Atlanta! The buzz in town is…
Exciting News for Chicken Lovers in Georgia! Hello, chicken fans! If you’re in Georgia, get…
Explore the Vibrant City of Atlanta: Your Guide to Unforgettable Experiences If you find yourself…