Historic Atlanta Office Property Changes Ownership
- Aug 08, 2019
Four Mile Capital and Kramer Real Estate Investments have sold the historical W.D. Grant Building, a 130,000-square-foot office asset in Atlanta’s central business district, for $13.6 million. HFF served as the listing broker for the current sale.
Located at 44 Broad St. N.W. in the Fairlie-Poplar historic district, the mid-rise property formerly known as The Prudential Building is one block away from Woodruff Park. The property is well connected to all parts of the city through public transportation, and the immediate area abounds in shopping, dining and entertainment venues. Hartsfield-Jackson Atlanta International Airport is 10 miles southwest.
Completed in 1898, the 10-story building underwent an expansive renovation program in 1980, according to Yardi Matrix data. After the 2017 purchase, the owner invested about $2 million in capital improvements. The Class B asset, which also features approximately 10,000 square feet of retail and restaurant space, is currently 56 percent occupied, Yardi Matrix shows.
Listed on the National Register of Historic Places and considered the second-oldest steel structure in the Southeast, the building was purchased out of bankruptcy by the joint venture in 2017 for $7.9 million. According to Eric Mallon, founding principal at FMC, the asset was the only office property in FMC’s portfolio, and part of the decision to sell it involved the company’s intent to focus exclusively on the multifamily sector.