Alex Brown, a privately owned real estate investment manager, provided equity financing of $4.2 million to the venture. The two-building, 20-year-old property is at 1080 Holcomb Bridge Road, adjacent to GA 400, a major north-south artery in the metro Atlanta area. The deal was the fourth joint venture between the two firms.
"For more than 30 years, our strategy has been to develop a strong network of local operators who understand their market and provide a consistent source of deal flow," says John Prugh, president and CEO for Alex Brown.
Alex Brown Realty's senior vice president Peter Bancroft adds: "With strong job growth and limited new office construction coming on line, we expect to see solid tenant demand in the Atlanta office market."
Bancroft says the tenant mix at the two three-story buildings is "well diversified, with no tenant occupying more than 10% of the space." Each building has about 63,500 sf of rentable space. At closing, the complex was 91.8% occupied with 32 tenants. George Kalnin, a principal at Precision Associates, represented his 20-year-old firm in the transaction.
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