Florida-based Crocker Partners has officially purchased Atlantic Center Plaza, the iconic 500k SF Midtown mini me tower next to the taller, but aesthetically similar, One Atlantic Center. The price was undisclosed and purchased in a JV with Distressed Real Estate Opportunities Fundby Siguler Guff & Co.The building "has tremendous value-add potential," says Crokers Chris Eachus(right), who directs the firms Atlanta regional office. He tells us its a compelling buy at a time when metro Atlantas job market has finally popped to the upside--adding more than 57k SF since February. Above, he's with Thomas Brockwell,Thomas Crocker,Angelo Bianco, and Todd Amara.
With 1.7M SF of real estate in Atlanta, Crocker is making good on its promise to beef up investment here. The company purchased Prominence in Buckhead last year and plans to develop more than 700 apartment units(delivering in 2017) on pad sites next to the 443k SF tower. Crocker Partners is still shopping in ATL, focusing on value-add and opportunistic office investments, Chris says.
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