Someone could be buying the Fiserv campus in Peachtree Corners, saving it from default.
That's the word from today's Trepp report, which notes that a "short sale offer from a third party that is anticipated to generate a recovery well in excess of the current value...is under consideration as an alternative to foreclosure." The 221k SF wooded campus at 4411 E Jones Bridge Rd was the home to CheckFree Corp and then Fiserv when it bought the former company until last year when it moved to Alpharetta. That move is forcing its $30M CMBS loan (with more than $25M remaining on its balance) into potential foreclosure. The loan is managed by C-III Asset Management.
But who's buying it? Trepp is silent on that end, and a spokesperson says the CMBS watchdog was not privy to that information. Glenfield Capital's James Cate—who owns office in Peachtree Corners and is seen here with Peachtree Corners Mayor Mike Mason—speculates the former Fiserv campus is "not an office site" and suspects the buyer is a residential developer. "It's a highly dynamic residential site," James says. "That size of land on the [Chattahoochee] River where it is...is so hard to come across something like that with those fundamentals. It's just not available in Atlanta."
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