Atlanta Deal Sheet: KDC Buys Back Part Of State Farm's Campus
The developer of two of State Farm’s Atlanta corporate campus buildings has purchased them back from the insurance giant.
KDC purchased Park Center Buildings 2 and 3 in Dunwoody from State Farm for an undisclosed sum. KDC developed the buildings as part of a three-tower build-to-suit for State Farm that it started in 2014. Park Center 1, which is 620K SF, was completed in 2016 and is directly connected to the Dunwoody MARTA Station.
State Farm subleased most of Park Center 1 last year to Carvana as the insurance giant pivoted to a hybrid work model amid the pandemic. The two buildings KDC bought are located off Perimeter Center Parkway and Hammond Drive.
Building 2 is 621K SF with some 39K SF of ground-floor retail, while Building 3 is 440K SF. DeKalb County property records have yet to reflect the details of the transaction, but the county valued Building 2 at $240.4M and Building 3 at $177.3M earlier this year.
Northmarq Capital Managing Directors Philip Askew and Ronald Reese, along with Senior Director Charlie Robinson, helped arrange KDC’s financing on the purchase with life insurance companies, according to a release.
SALES
HHHunt purchased two apartment complexes in Decatur from Northwood Ravin for a combined $257.5M. It bought the 405-unit Abberly Skye for $162.6M, backed by a $104.9M acquisition loan, and acquired the 250-unit Abberly Onyx for $95M with a $61.4M loan.
JLL's Nick Brown, Executive Managing Director Matthew Lawton, Directors Vic Ciancetta and Amanda Londono, and Senior Managing Directors John Weber and Bill Shippen brokered the sale. JLL Senior Managing Director Travis Anderson arranged the financing. The brokerage didn't identify the lender on the deal.
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Venterra Realty purchased the 216-unit Retreat at Kedron Village apartment community in Peachtree City for an undisclosed sum. According to Fayette County records, Ryan was the last listed owner of the complex, which it purchased in 2008 for $29.6M.
Trion Properties has purchased the Azure at Riverside, a 267-unit apartment complex at 648 Whisper Lane in Austell, for $43.6M. The seller wasn't disclosed.
LEASES
Red Phone Booth Hospitality Group, operator of Saito Sushi Steak & Cocktails and Amalfi Cucina & Mercato, leased 24K SF at The Department Building, a 38K SF creative office adaptive reuse building at 207 Peachtree St. in Downtown Atlanta. Marx Realty Vice President Henry Henderson brokered the deal for his company, which owns the property.
