GWINNETTIAN HOPES

We found Crossley, Jernigan & Ellison Inc's Neal Jernigan contemplating the Atlanta office market from his office in Alpharetta (like a modern day CRE Plato) and learned the firm is back in acqusition mode. In fact, the firm, through an alliance with a private equity fund, is scouting the Atlanta market for  value-add CRE deals. ?We're probably not competitive with stuff that is 75% leased or better."
 
And Crossley has come  back to its roots with its latest buy: Satellite Place, a two flex building, 113k SF office park across Satellite Blvd from Gwinnett Place Mall and adjacent to NCR's world HQ. The firm picked up the complex, at 20% leased, from CWCapital for $4M. ?We're going to be the  low-cost provider in that market,? Neal tells us. Crossley helped develop the Gwinnett County office market back in the '90s before selling its holdings, so Neal says it's very familiar with the fundamentals of that area. ?Gwinnett County is not going to disappear. It's not going to quit. We bought them at a real good price, and we think we can fill them back up.?

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Atlanta Newsletters
Related Stories

The Geo Group To Reopen 2,329-Bed Immigration Facility In Texas

What's At Stake For CRE In Tuesday's U.S. Midterm

Dan Wagner To Head Lee & Associates In Atlanta: The Atlanta Deal Sheet

From Pandemic Darling To Cautionary Tale: Pickleball Clubs Face A Reckoning After Betting Big On Retail Space

Gwinnett Mall Project Stands To Benefit From Georgia's Opportunity Zone Picks

Georgia's Utility Board Race Could Reshape Nearly 20 GW Pipeline Of Data Centers

Foundry Robotics Leaves San Francisco For New East Bay HQ

Tenant Rep Firm Expands To Philly, Hires Industry Veteran

Data Centers Lose The Top Spot, San Francisco Jumps 40 Places: 9 Takeaways From ULI's 2027 Outlook

Cushman & Wakefield, NYC Added To Suit Alleging $250K Agency Lease Shakedown

Auto Retailer Completes Hennessy Acquisition: The Atlanta Deal Sheet

Denver Public Schools' $11M Centennial Hall Purchase Marks Rare Land Sale For ULC