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JDN HQ Sells for $172 SF

ATLANTA-Robin Loudermilk pays Developers Diversified Realty Corp. $5.5 million for the 32,000-sf building which JDN bought in 1997 for $3.3 million, or $103 per sf. The per-sf-price was the highest for an office asset this year, area brokers tell GlobeSt.com.

By Alex Finkelstein | Updated on February 20, 2004

ATLANTA-The 32,000-sf former headquarters building of defunct JDN Realty Corp. is in new hands today after local developer/investor Robin Loudermilk bought the near-vacant property for $5.5 million, or $172 per sf, the highest per-sf price paid for an office asset this year, Downtown brokers tell GlobeSt.com.

The property at 359 East Paces Ferry Rd. in affluent Buckhead, eight miles from Downtown, will be renovated and leased as a multi-tenant office structure, brokers familiar with the property tell GlobeSt.com. Robin Loudermilk is the son of R. Charles Loudermilk Sr., founder, chairman and CEO of locally based Aaron Rents Inc. whose headquarters is near the acquired property at 309 East Paces Ferry Rd.

Cleveland, OH-based Developers Diversified Realty Corp. is the only tenant in the building, occupying 4,000 sf as a satellite office. Developers Diversified acquired JDN in 2003 in a $1-billion cash-and-stock transaction.

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