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Real Estate Bisnow
The largest commercial real estate publication in the United States.
   
January 9, 2012 
 
 
 
WD LTile ATL
NEW ROAD BRINGS
NEW MONEY

 
With Westside Parkway opening up soon, nearby properties stand to become more high profile. And that's attracting cash. An Atlanta investment firm with ties to Israeli money has purchased the Alpharetta offices of payroll services firm ADP.
 
oa development lakeview 400 2555 2575 westside parkway sentinel real estate resource tom shafer steve berman alpharetta israeli adp payroll
OA Development bought Lakeview 400, a two-building, 135k SF office (2555 and 2575 Westside Pkwy in Alpharetta) for $10.4M, or nearly $77/SF, from NY-based Sentinel Real Estate Corp. Resource Real Estate's Tom Shafer brokered the sale. OA's Steve Berman tells us Lakewood 400 is the capstone on a flurry of investment activity in the past 13 months, including its purchase of a 100k SF lab space on Bluegrass Parkway and 2400 Lake Park Dr in Smyrna. Lakeview 400 is a little over 85% leased with half that space the home of ADP.
 
PM Realty (PiedmontPlace)

Bisnow
OUT OF DISTRESS
 
atlanta property gropu 1200 ashwood central perimeter lnr special servicer discresionary fund
We also learned that Atlanta Property Group has purchased 1200 Ashwood, a 183.6k SF office building in Central Perimeter for approximately $10M from LNR, which was the special servicer on the building's loan. In turn, Atlanta Property Group will spend an additional $1M to update the property. (Skateboard park?) This is the third purchase by APG's “discresionary fund” in the past year and a half, including its purchase of Druid Chase office park and The Park at Perimeter Center East.
 
Reznick Intext ATL

Bisnow
CBREI ADDS TO ATLANTIC STATION
 
cbre investors 201 17th street jacoby wells fargo wachovia eastdil secured
And as a followup to a story we first reported here, CBRE Investors did indeed close on 201 17th St, the nearly 350k SF tower at Atlantic Station that Jacoby Development kept after a settlement with Atlantic Station co-owners AIG. According to sources, CBREI purchased a $65M Wells Fargo note (formerly Wachovia with $54M left on the balance) for nearly $49M. Eastdil repped the bank group that sold the note.

Bisnow
READING, WRITING, AND BIG BLUE
 
IBM 4111 Northside dri north atlanta high school public school
That IBM lease we reported as the top deal of 2011 is indeed short term. We just got a hold of a DRI filing with the Atlanta Public Schools, detailing a little more of its plan for what it's calling North Atlanta High School at the IBM campus at 4111 Northside Pkwy. According to the filing, the school system will demolish one of the two office buildings and 2,700 parking spaces to make way for a new assembly building and athletic fields. What will be left is a 475k SF facility and 1,200 parking spaces for 1,800 to 2,200 students. And most importantly, the project is expected to be completed next year. That means IBM, which leased back 830k SF there after APS purchased the campus, will really need to find a new home by then. (Otherwise they're gonna be working out of your living room... hope you bought extra Oreo's.)
We wonder why a pirate, who assumingly spends his life on the ocean, should say, "Shiver me timbers," which refers to trees. If you can answer, send it to Jarred@Bisnow.com.
 
 
 
 
Reznick Tile2 ATL
 
Reznick Insights ATL
 
GSU (Reinventing)
 
Bisnow Hotel (19) ATL
 
Arent Fox Barcode ATL
 
Bisnow Churchill MATL
 
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