Barry paid Los Angeles-based TCW Land Fund I $2 million per acre, or $47 per sf, in the largest area land deal closed so far this year. The developer already has signed locally based Southern Co. to a 12-year, 130,000-sf lease at an estimated aggregate effective rent of $31.2 million, as GlobeSt.com previously reported.
The three-acre sale to Barry completes the total 6.7-acre disposition by TCW on the Peachtree Portal tract near the Civic Center MARTA station. The Novare Group, headed by Jim Borders, purchased a 3.8-acre site on the three-block tract in September for $8.2 million, or approximately $2.2 million an acre and about $50 per sf. That sale was the second largest land deal Downtown in 2003. Novare plans to develop 1,100 apartment units in two towers on its 3.8-acre site.
The largest deal was the $9-million purchase by Daniel Corp. of Birmingham, AL of 3.3 acres just north of the Novare project. The transaction equates to $2.7 million per acre or $62.61 per sf.
"The reason the Novare price was a little higher was because it was nearer to the MARTA station," broker David Branch of Advantis Real Estate Services Co. tells GlobeSt.com. Branch and John Maddox Jr. represented TCW in both the Barry and Novare transactions. Barry represented itself.
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