ATLANTA, GA—Newport Group has acquired The Exchange Building, 222 Mitchell Street, Atlanta GA, in the Central Business District. TIR Prime Realty was the exclusive broker and advisor for the sellers and were instrumental in finding the buyer for the 370,000 square-foot vacant property composed of four separate and interconnected structures on 2.074 acres of land.
Financial terms were not disclosed. The last reported sale of the property was in 2014 when an unidentified buyer acquired the property from a joint venture of Orinda Corporation and Octagon Partners for $6.9 million, according to Real Capital Analytics, a proprietary research database.
The property's high intensity zoning allows for a variety of mixed uses and the existing structure offers a developer the chances to readapt office building to multifamily, hotel, retail, or a mix thereof.
Newport is a private equity real estate investment company that focuses on commercial properties. It's based in Germany and also has a presence in Switzerland. Newport says it invests in first-class locations where it recognizes unique value-add opportunities where value can be unlocked immediately or in future. The group already owns the M. Rich Building, the H.L. Green Building, and McCrory's Building, according to its website.
“The immediate area has received a vote of confidence from developers looking to realize large scale projects and 222 Mitchell sits at the nucleus of those endeavors,” says Mariano Saal of TIR Prime Realty. “We are excited to see what Newport has planned for 222 Mitchell and the whole block.”
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.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
