ACQ Makes $24M Equity Purchase of Atlanta’s Vinings Main
- Jul 29, 2010
July 29, 2010
By Allison Landa, News Editor
Rosemont, Ill.-based ACG Equities has made a 100 percent equity purchase of Atlanta’s Vinings Main mixed-use commercial and residential condominium development, which fell into foreclosure last December. The $24 million acquisition was the first allocation from the firm’s Midwest-based $150 million private equity fund.
ACQ principal and Atlanta office managing director David Lang said that the company will in the future seek to acquire value-oriented income-producing developments as well as residential properties.
Vinings Main was built in 2008 at a pricetag of $57 million. It has 34,000 square feet of condominium space, 17,000 square feet of retail space and a 461-space parking deck. Retail tenants include the Social Vinings restaurant.
ACG operates as a sponsor and operator specializing in value-added commercial property acquisitions and dispositions for private investors and equity funds. In addition to its headquarters, it also has offices in the Atlanta, Denver and Minneapolis markets and plans to open a Washington, DC area office.