Excel Realty Buys, Restarts Wade Green Commons
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Ohio-based Excel Realty Group has paid all-cash for Kennesaw's Wade Green Commons office complex, one of the recession'svictims. Fidelity Bank sold itfor $1.4M. It was originally planned to house 65k SF, but previous developers only completed nearly 15k SF before tanking. The SEC sold the property to Fidelity in a loss-share agreement with the FDIC. At the time of the sale to Excel, the property was 92% leased, with Amedisys as the lead tenant.
Bull Realtys Casey Keitchen brokered the sale for Fidelity, while Taylor Real Estate Services Stacy Taylor helped out Excel.What could be more amazing--and perhaps an endorsement on the metros recovery--is that Excel has already started work on further spec office in the complex, which is off of Wade Green Road and I-75. Its interesting that an Ohio investor won the bid over the regional players and is starting construction right away, says Bull Realtys Michael Bull, aboveThe typical buyers were somewhat jaded and did not value the opportunity as much as we believed they should.