In a recent acquisition, Insignia has taken ownership of Parkside Terraces, a 20-acre office campus in Alpharetta. The property was purchased for significantly less than its previous sale price.
According to the Atlanta Business Chronicle, Insignia obtained the property through a deed in lieu of foreclosure for $15 million. This is nearly 70% lower than what it was sold for six years ago. To finance the transaction, Insignia secured a $10 million loan from White Oak Assets LLC.
The previous owner of Parkside Terraces was Ravinia Capital Group who bought it for $48.1 million in April 2019 and had taken out a loan worth $39.2 million from Citizens Bank National Association that would mature in May 2024.
Located on Mansell Road near North Point Mall, Parkside Terraces consists of two buildings spanning over 127,000 square feet and156 ,000 square feet respectively with an occupancy rate at around80%.
Similarly,in late2023 ,Insigniabought Embassy Row locatedin Sandy Springsfor$34millionthrougha deedinlieuofforeclosure.Thepropertyhadanattachedbankloanworth$60millionatthetimeofsale.ThisacquisitionisanotherexampleofhowInsigniaisexpandingitsportfolioandtakingadvantageofdistressedassetsinthemarket.
