A distressed real estate player has grabbed another Atlanta office building.
An investment group partially funded by Atlanta-based Resource Real Estate has purchased 11450 Technology Circle, a 143K SF single-tenant office building in Johns Creek for $4.3M, or a little more than $30/SF. CBRE's institutional group of Jay O'Meara, Will Yowell, and Justin Parsonnet brokered the sale from an undisclosed CMBS special servicer. Resource's Brad Smith tells us that this is a product in a submarket the company understands. It was originally the offices of AnTec, which vacated, and it has remained empty since, Brad says. TPA will handle the management and leasing.