The Atlanta Property Group recently sold a three-building office park near The Battery Atlanta for $14 million. This comes after the group purchased the property in 2017 for $22.3 million. Woodside Capital Partners was the buyer of Shadowood at Powers Ferry Road.
APG financed this acquisition with a $19 million mortgage, which was set to mature in December 2024 with one extension option available. Despite selling at a discounted price of 30%, The Atlanta Business Chronicle reports that APG remains well-capitalized as they worked closely with their lender during the sale process.
These three buildings, totaling just under 200,000 square feet and built between 1975 and 1998, underwent renovations to their lobbies, common areas and mechanical systems while under APG’s ownership. Occupancy rates range from 73% to80%.
According to Goldman Sachs Global Investment Research, there is an estimated $1.1 trillion worth of commercial mortgage loans expected to mature by year-end.
This distressed office park in Atlanta serves as another example of current market conditions where buyers are able acquire properties at significant discounts compared to previous purchase prices.
