Urdang Sells Pair of Atlanta-Area Business Centers for $48M
- Nov 14, 2008
Urdang, a unit of BNY Mellon Asset Management, has announced the $48 million sale of two business centers in suburban Atlanta to CCI-B Marietta L.L.C., a partnership formed by Capital Commercial Investments Inc. The properties total nearly 14 buildings on 48 acres and comprise 620,000 square feet of office, medical, retail and warehouse space. The two properties, American Business Center and WhiteWater Business Center, are about four miles apart in Cobb County’s I-75 business corridor. Both centers consist of one- and two-story multi-tenant buildings. Major tenants include The Healthfield Group, General Electric, Bekaert Corp., Concentra, DaVita, and Embry-Riddle Aeronautical University. Vincent Sanfilippo, chief investment officer of Urdang Capital Management, and Dan Fishbein, vice president of Urdang, negotiated the sale for the seller. Thomas Shafer and John Hinson of Resource Real Estate Partners, represented Urdang in the sale. The buyer was not represented by a broker. Sanfilippo noted in a prepared statement that Urdang and its managing agent, Ackerman & Co., have significantly upgraded these properties since Urdang bought them in December 1999. Upgrades include new roofs on most of the 14 buildings, new elevators, new landscaping on the property frontage, renovations to tenant suites and new signage. Founded in 1987, Urdang is a wholly-owned subsidiary of the Bank of New York Mellon and its sole provider of real estate management services. Bank of New York Mellon was itself formed in July 2007 through a merger between The Bank of New York Company Inc. and Mellon Financial Corp. of Pittsburgh.