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UrbanAmerica Buys 95%-Leased Downtown Citizen's Trust Building for $63 per SF

ATLANTA-The $10.3-million purchase from Miami-based Schottenstein Realty Co. may trigger about $50 million in near-future acquisitions here, the New York-based investment company says.

By Judith Schonbak | Updated on February 07, 2001

ATLANTA-New York-based UrbanAmerica is the latest player on Atlanta’s intown investment turf. The company is the new owner of the 30-year-old, 12-story, 164,000-sf Citizen’s Trust Building. UrbanAmerica paid Miami-based Schottenstein Realty Co. $10.3 million or $63 per sf for the 95%-leased asset.

Schottenstein owned the property for seven years. The acquisition is likely the first of several in the metro area for UrbanAmerica and its investment partners, Deutsche Bank, J.P. Morgan and Citibank, the company states. Up to $50 million in near-future acquisitions could be on the table soon.

Built in the early 1970s, the building has long been a landmark as the home of Citizen’s Trust bank, one of the first African-American-owned banks in the South.

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