Distressed Atlanta Office Park Picked Up at 30% Discount
The Atlanta Property Group (APG) sold a three-building office park near The Battery Atlanta for $14 million, after paying $22.3 million for the property in 2017. Woodside Capital Partners was the buyer of Shadowood at Powers Ferry Road.
APG financed the acquisition with a $19 million mortgage that was set to mature in December 2024 after one extension. Despite the sale at a 30% discount, The Atlanta Business Chronicle reports the company sold “in conjunction with its lender, and the firm remains well-capitalized.”
The three buildings in the complex total just under 200,000 square feet of space. They were built between 1975 and 1998. APG renovated the buildings’ lobbies, common areas and mechanical systems during its time as landlord. The building’s occupancies range from 73% to 80%.
Nearly $1.1 trillion worth of commercial mortgage loans are anticipated to mature before the end of the year, according to Goldman Sachs Global Investment Research.
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Atlanta Commercial Real Estate News
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