"This transaction was the most difficult in my 16 years in real estate," Craig Viergever, senior director of commercial properties for Advantis Real Estate Services Co., tells GlobeSt.com. "Although there was continuous interest and offers on the site, factors severely hampered the process, including local zoning changes, the recession, 9/11, environmental questions, escalating apartment vacancies and decreasing rents."
The contract required eight separate amendments before buyer and seller were satisfied, the broker says. But "through all the struggles, the end result was a success with A.G. Spanos acquiring a site that is ideal for a high-end apartment community, with excellent access and amenities," Viergever says.
Spanos plans to break ground before year end on The Battery at Chamblee Station, a 192-unit, class A apartment community about 10 miles northeast of Downtown Atlanta.
The site is Wattyl Paint Corp.'s former plant and offices at 5275 Peachtree Industrial Blvd. Viergever negotiated for Wattyl. The property's asking price was $2.5 million. The closing price of $2.7 million includes $200,000 for the demolition of the Wattyl building.
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