Suburban Atlanta Office Park Commands $14M
- Sep 11, 2017
IG3 Real Estate has completed the purchase of Sugarloaf Business Center, a 113,016-square-foot office complex in Duluth, Ga. The Miami-based real estate investment company acquired the asset in a $13.5 million deal, with MidFirst Bank facilitating the transaction through $8.4 million in acquisition financing.
CBRE First Vice President Tony Swann and Senior Vice President Craig Taylor represented the seller in the transaction. Islandia Sugarwood LLC of Westlake Village, Calif., is an affiliate of JG Management, public records show. Senior Associate Mariano Perez of Grandbridge Real Estate Capital arranged the financing which is set to mature in September 2024.
Diverse tenant roster
Located at 1845-1855 Satellite Blvd. on a nearly 14 acres, the property encompasses two single-story office buildings constructed in 1999 and 2000. The center was 98 percent leased under triple net leases at the time of the sale. Notable tenants include Credit Union Service Corp., Emory Clinic, Hire Dynamics, United HealthCare Services Inc. and USASF Servicing.
Sugarloaf Business Center is situated along Interstate 85 with access to Sugarloaf Parkway, nearby upscale housing and country clubs. The property is proximate to many retail, dining, entertainment and recreational facilities. IG3, led by the Imery family, has recently expanded its foothold in the metro through the acquisition of Enterprise Mill, a 250,000-square-foot mixed-use property in Augusta, Ga., Waverly Station, a 329-unit multifamily complex in Savannah, Ga., and Weatherstone Promenade, a retail center in Woodstock, Ga offering 17,354 square feet of net leasable space.
“Sugarloaf offered a rare opportunity to acquire a stabilized office property positioned between two major highways in an incredibly strong market. As our recent commercial real estate activity shows, we are bullish on Greater Atlanta and continue to seek strategic investments in the area,” said IG3 Principal Carlos Imery, in prepared remarks.
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