Manulife paid Sugerloaf Northeast Industrial Inc., an affiliate of Deutsche Bank Real Estate, nearly $8.1 million, or $67.08 per sf, for the four-year-old, 100%-leased property. Pharmaceutical manufacturer Merck & Co. Inc. occupies the entire building on a long-term lease at the 12-acre site.
The law firm of Paul, Hasting, Janofsky & Walker LLP represented Manulife. Negotiating for the seller were Hal Breedlove, Chris Riley and Brad Rodgers of Trammell Crow Co., and Alston and Bird LLP. The deal closed Jan. 9.
The Merck Building acquisition marks the second local asset by Manulife in the past two weeks. The firm paid $118 million, or $224 per sf, on Dec. 30. for the 527,000-sf Proscenium Building at 1170 Peachtree St. and an adjacent 10-story, 910-space parking deck. The sellers were Trammell Crow Co. of Dallas, Real Estate Capital Partners of New York and Triad Properties Corp. of Huntsville, AL. Local brokers tell GlobeSt.com the per-sf-price paid for the property is the highest in city real estate annals.
"Atlanta is a significant component of our portfolio mix and we are very optimistic about the possibilities in this market," says Michael Ainsworth, vice president and general manager for Manulife's real estate division.
Besides the Proscenium and Merck buildings, other Manulife office and industrial assets in the metro area include Ashford Green, a five-story, 264,000-sf, five story building at 4170 Ashford Dunwood Rd. bought in 2000; 6120 Windward Parkway, a two-story, 50,000-sf building acquired in 2003; Gwinnett Forest Business Center, a five-building, 425,000-sf park bought in 1998; Shawnee Ridge, a four-building, 425,000-sf industrial cluster purchased in 1999 and 2000; and Royal Woods Business Center, a four-building, 340,000-sf hub bought in 1998.
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