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GWINNETTIAN HOPES

GWINNETTIAN HOPES
crossley jernigan ellison neal acquisition alpharetta value-add high vacancy
We found Crossley, Jernigan & Ellison Inc's Neal Jernigan contemplating the Atlanta office market from his office in Alpharetta (like a modern day CRE Plato) and learned the firm is back in acqusition mode. In fact, the firm, through an alliance with a private equity fund, is scouting the Atlanta market for  value-add CRE deals. ?We're probably not competitive with stuff that is 75% leased or better."
 
GWINNETTIAN HOPES
And Crossley has come  back to its roots with its latest buy: Satellite Place, a two flex building, 113k SF office park across Satellite Blvd from Gwinnett Place Mall and adjacent to NCR's world HQ. The firm picked up the complex, at 20% leased, from CWCapital for $4M. ?We're going to be the  low-cost provider in that market,? Neal tells us. Crossley helped develop the Gwinnett County office market back in the '90s before selling its holdings, so Neal says it's very familiar with the fundamentals of that area. ?Gwinnett County is not going to disappear. It's not going to quit. We bought them at a real good price, and we think we can fill them back up.?