Avison Young Arranges Sale of Georgia Historic Building
- Nov 04, 2016
by Evelina Croitoru
Atlanta—Toronto-based Avison Young has closed the $13 million sale of Enterprise Mill, a mixed-use property in downtown Augusta, Ga. The transaction represents one of the largest sales closed to date in Augusta in 2016. The property was acquired from seller Enterprise Mill LLC, a private investment group with headquarters in Coral Gables, Fla.
Located at 1450 Greene St., the roughly 179,122-square-foot Class A building is situated on 9 acres. “With 118,928 square feet of office/retail space and 60 upscale residential lofts, Enterprise Mill was one of the few trophy value-add properties remaining in the Augusta market. The property’s combined occupancy level exceeds 90 percent, making it an extremely stable income-producing asset for the new ownership,” AJ Belt, a principal of Avison Young, said in a prepared statement.
The property is situated in the historic Riverfront District, surrounded by amenities including Medical College of Georgia, three major hospitals that comprise Augusta’s medical complex and upscale boutiques. In addition, Enterprise Mill offers easy access to SR-4, Broad Street and US-1/Gordon Highway.
South Florida-based AJ Belt and David Duckworth, both principals with Avison Young, represented the seller in the transaction. “Our extensive network of Miami-based investors allowed us to secure the ideal buyer for this asset. With the cap rate compression seen in the South Florida market, there is a trend of investors looking further north for greater yield, as demonstrated by this sale,” said Duckworth in prepared remarks.
Image courtesy of Avison Young