A New York value-add investor has just entered the Atlanta commercial real estate fray, snapping up a portfolio of buildings from The Alter Group. (That's fine, as long they're not Mets fans.)
RexxHall Realty purchased the nine-building, 404k SF office portfolio
for an undisclosed sum. The properties include five buildings (250k SF) at Chattahoochee Corners
in Duluth, and four buildings (154k SF) at Brookside Concourse
in Alpharetta. EnTrust Realty Advisors' James Clark
sold the portfolio for Alter.
RexHall managing director Daniel Stauber
tells us he's been eyeing the Atlanta market
for two years (wonder what he saw us doing when we thought no one was looking), but only just now found the opportunity to "create a beachhead
" with an immediate and big presence from which it can build. RexxHall has office holdings in other big markets, including New Jersey, New York, Pennsylvania, Connecticut, and Florida. And Daniel says the firm is shopping
for more office opportunities here. Its new buy is about 65% leased, and he's tapped CBRE's Bryan Heller, Peter McGuone,
and Heather Lamb
to lease it. "I see that the velocity has clearly picked up from the feedback I'm getting from the leasing agents," he says.