JV Shells Out About $15M for Office Complex

ATLANTA-Sensing a lag in new office construction in the city, Alex Brown Realty Inc. of Baltimore and Atlanta-based Precision Associates have acquired Roswell Summit in the North Fulton County submarket for $14.5 million or $113.97 per sf. The seller was Boston-based pension fund adviser TA Realty Corp.

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.