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Fairlead Buys 34 P'Tree

Atlanta
Atlanta
September 18, 2013 Bisnow
Fairlead Buys 34 P'Tree

jeff shaw

Fairlead Commercial Real Estate's Jeff Shaw is at it again. Coming off the buy (in a JV with The Creations Group) of 34 Peachtree, a 283k SF tower in Downtown Atlanta that fell into foreclosure earlier this month, Fairlead purchased a  mortgage note for $11.9M, or $39/SF, from an investment entity out of Asia. The prior ownership paid $28.2M for the property in 2005.
34 Peachtee 1
While the property is 66% leased, Jeff says the low basis, area tax incentives, and the coming street car should boost tenant demand. (As well as years of Rice-a-Roni jokes by us.) "We expect to  finalize 120k SF in lease transactions in the coming months," he says. Jeff and Fairlead's Jim Caswell are leading the leasing efforts.
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Related Topics: Fairlead Commercial Real Estate, Jeff Shaw, The Creations Group, Jim Caswell