**Pacific Retail Takes Over Resurgens Plaza in Buckhead**
Pacific Retail Capital Partners has taken over Resurgens Plaza, a 27-story office tower located on East Paces Ferry Road in Buckhead, Atlanta. The takeover follows a deed in lieu of foreclosure, where an affiliate of Zeller, the previous owner, relinquished control of the property.
Zeller had acquired Resurgens Plaza in 2017 through a joint venture with Partners Global. In 2020, the company secured an $89.7 million loan from Aareal Capital Corp. for the property. That loan, which matures in November 2024, has now been assumed by Pacific Retail Capital Partners.
Resurgens Plaza, built in the 1980s, currently has an occupancy rate of 78%. One of its key tenants is Regions Bank, and the tower boasts a strategic location directly above a MARTA train station, enhancing its accessibility.
This is not the first time the tower has faced financial distress. Approximately 15 years ago, CWCapital Asset Management foreclosed on the building after the previous owner failed to restructure its debt. The property was later sold to Lone Star Funds.
The recent takeover signals Pacific Retail’s ongoing interest in repositioning or revitalizing commercial properties facing financial difficulties.
