Sumitomo Corp. of America has agreed to sell the 915K SF Atlanta Financial Center complex to Nightingale Properties for $182M in an off-market transaction at a loss.
Sumitomo bought the property from Hines in 2016 for $222.5M and invested $15M in upgrades.
Nightingale is trying to raise $76M in equity for the deal through the crowdfunding platform CrowdStreet. In its investment offering, Nightingale said the property is a bargain because Sumitomo must unload as its loan is about to come due.
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