JV Buys Buckhead’s 550 Pharr Building in Atlanta
A joint venture between Tenant Managers and Babloo Investments has been sealed in the purchase of the 550 Pharr Road building located in Buckhead Village District, Atlanta. The sellers, though officially unidentified, are believed to be tied to the Atlanta-based Sage Equities as per state documents. Sage had initially acquired the building in 2017 in conjunction with Anchor Capital Partners for a sum of $20M. The recent transaction occurred as the seller’s loan matured earlier this year in January.
Value-Add Play in the Prime Location
The legal counsel for Tenant Managers, Mili Shah, had described the purchase as a carefully planned value-add play set at the heart of Buckhead. Shah also informed that no outside brokers were involved in the sale, but the firm plans to engage brokerage firms to help lease more than 32K SF of vacant offices. The 108K SF office building also includes retail space. The current tenants include the restaurant Bangkok Station and Anytime Fitness. The price of the acquisition still remains undisclosed.
Other Recent Real Estate Activities
The last week witnessed several other real estate activities within Atlanta. Stratus Property Group purchased a 38K SF retail strip center, located at 415 Rome St., Downtown Carrollton. The seller of this property was 415 Rome Street LLC, which had previously bought the strip center in 2020 for $1.5M.
Elsewhere in Cobb County, Texas-based Woodside Capital Partners acquired Shadowood at Powers Ferry Road, a three-building office park near The Battery Atlanta, from the Atlanta Property Group for $14M. The Atlanta Property Group had bought the complex in 2017 for $22.3M.
Additionally, RPM Living Investments bought Aspire Lenox Park, a 10-building, 400-unit apartment campus, from Willow Bridge Property Co. for a premium value of $85M.
The Financing Front
Vero Capital and Prime Finance secured a $108M refinancing package for four office properties. This includes a two-building suburban complex in Alpharetta, deemed the Parkway at Avalon. Goldman Sachs and Argentic presented the necessary loan for the property located off Old Milton Parkway.
Leasing Activities
Mannington Commercial renewed 14K SF for its flagship design center at Stockyards Atlanta, a multi-building, adaptation project. Meanwhile, Qcells North America secured a hefty lease of 843K SF at Busch Commerce Center, a huge 1.2M SF distribution center in Cartersville.
Personnel Changes
Last week also saw some major shifts in personnel within the real estate sector. A new firm emerged, Woodworth Core Group, springing out of a merger between R.M. Woodworth & Associates and Core Hospitality Advisors. The newly minted principals of this firm include Adam Cowart, John Ritger, Mark Woodworth, Henry Staley Jr., and Jill Bidwell.
These recent transactions and movements indicate a robust real estate scene in Atlanta, with significant transactions happening across various sectors such as leasing, finance, and acquisition.
