The Atlanta Property Group (APG) recently sold a three-building office park near The Battery Atlanta for $14 million, marking a significant decrease from the $22.3 million purchase price in 2017. Woodside Capital Partners acquired Shadowood at Powers Ferry Road, with APG securing financing through a $19 million mortgage set to mature in December 2024.
Despite the sale at a discounted rate of 30%, The Atlanta Business Chronicle reports that APG was able to sell “in conjunction with its lender” and maintains strong financial standing. The three buildings within the complex offer nearly 200,000 square feet of space and were constructed between 1975 and 1998. During their ownership, APG made improvements to lobbies, common areas, and mechanical systems.
Occupancy rates for these buildings range from approximately 73% to80%. However,this sale is just one example of many anticipated commercial mortgage loan maturities before year-end – estimated by Goldman Sachs Global Investment Researchto be worth nearly$1.1 trillion dollars.
