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.
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