Atlanta West Business Park, at 3201 Atlanta Industrial Parkway North on the city's west side, was sold to a private investor group called Atlanta West Business Center LLC by Aetna Life Insurance Co. for an undisclosed price. The class B property is currently 62% leased, primarily by state and local government tenants, according to Andrew Murphy, vice president of investment advisory sales with Carter's Atlanta office.
"Having an all-cash buyer in the final round makes the decision all that much clearer for us," Murphy tells GlobeSt.com. "Those buyers are differentiating themselves when they approach deals with a higher leverage stack."
Because of the current credit crunch, sellers prefer dealing with buyers who can bring more equity to the closing table, or better yet can complete a total cash sale, Murphy says. He further notes that there was only a $100,000 differential between the buyer and the next-highest bidder.
Murphy, who worked with fellow Carter brokers Gary Lee and Mark Joines in representing Aetna, says Atlanta West drew strong interest from the local investment market. The team has handled other significant commercial property sales this year, including the Cornerstone Building in Downtown Atlanta and Interchange Business Center and Perimeter Place, both in suburban Doraville, GA.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
