New Owner to Speed Things up at Already Advancing Property
- Jun 08, 2015
A joint venture just closed on a promisingly recovering portfolio and it is ready to add a stimulant to the mix. The four buildings of Embassy Row in the city’s Central Perimeter submarket were picked up by Fairlead Commercial Real Estate and Bridge Investment Group Partners, and the team has no plans to rest on its laurels.
The acquisition price was not disclosed but the four buildings are valued at over $10 million individually (including land) according to Property Shark data. Built in the 1980s, respectively in the early 2000s, the Class A office buildings offer a total of 551,515 square feet of space and an on-site amenity package that includes free covered parking, café, fitness center and conference center. Tenants also have access to a shuttle service to the Perimeter Mall and a number of other nearby amenities.
The Embassy Row portfolio has benefited from the strong recovery of both Atlanta’s economy and the Central Perimeter submarket. The property is currently 79 percent occupied, up from 45 percent vacancy just two years ago. The new ownership plans to reposition the property and invest over $10 million additionally for a series of renovations starting this autumn. The upgrades will affect the landscaping as well as the buildings’ operating systems, common areas and tenant amenities.
Fairlead purchased Buildings 300, 400, 500 and 600. Building 100, occupied by the Art Institute of Atlanta, was not included in the transaction. CBRE represented the seller in the transaction, ARES Management LLC.
Photo credits: Fairlead Commercial Real Estate