Cornerstone's Big Central Perimeter Buy
After more than 100 looks and more than 20 offers, Connecticut-based Cornerstone Real Estate Advisers has picked up a Central Perimeter value-add play. (Great news for shy guys who don't ask out girls because 20 other dudes already have.)
It's a big day for Ackerman & Co, which this past Friday closed on its sale of Premier Plaza to Cornerstone for a little more than $50M. The two-building, 318k SF property traded at about $162/SF, a big number for a 78%-leased property. Ackerman owned Premier Plaza in a JV with CenterSquare Investment Management (formerly Urdang).
"A lot of people are interested in Central Perimeter after the absorption last year," says Ackerman's Kris Miller. "It was just a good time for us to sell." Premier Plaza was one of the Atlanta office offerings that garnered the most interest this year from potential investors, with more than 40 tours. It's main tenant is McGriff Sebels. Cushman & Wakefield's David Meline, Stewart Calhoun, Samir Idris, and Casey Masters brokered the sale.
Ackerman & Co isn't letting its capital sleep. The firm last week purchased Braselton 85 Logistics Center, a 500k SF warehouse at 900 Hwy 124 for an undisclosed sum. (Does the secrecy mean they purchased it with Bitcoin?) The facility is half filled, with Ackerman planning on leasing it up and eventually flipping the asset, similar to what it did with Gateway Distribution Center in 2010.