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The owner of a Cumberland/Galleria office tower that will soon lose GE has planted a for sale sign out front.
New York-based Treeview Real Estate Advisors has tapped HFF to market 1300 Parkwood Circle for sale. Trepp placed a securitized loan on this tower on a watchlist last month, as Bisnow first reported, due to concerns that it will soon be largely empty.
GE, which leased 146K SF at the nine-story, 211K SF building near the intersection of Powers Ferry Road and Windy Ridge Parkway in Cobb County, is not expected to renew its lease after it expires in August.
That could cast uncertainty on the ability for Treeview to continue meeting the obligations of its $18M loan, which matures in 2023.
The asking price of the asset was undisclosed. Trepp put the loan on a watchlist mainly because of GE's planned vacancy, although the owners have been meeting the debt obligation.
“This offers investors a 'blank slate' heavy value-add opportunity located within a half-mile of SunTrust Park and The Battery,” HFF officials said in the marketing material, obtained by Bisnow. “The immediate area offers tenants a robust amenity base, drawing decision makers and workforce talent to the asset.”
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