Value-Added Office AcquisitionAtlanta, GA

The Challenge:

  • This 400,000-square-foot office property in Atlanta, GA was in need of lease-up, stabilization and repositioning.
  • Underwriting and execution were complicated by the inclusion of two adjoining land parcels in the deal.
  • Attractive value-added office investment opportunities were at a premium in a highly competitive market.

The Result:

  • Nigel Keenan sourced this investment opportunity off-market (shown only to five prospective buyers by a small brokerage firm).
  • Lined up 50,000 square feet in leases during due-diligence.
  • Completed lease-up, raised rents and improved property operations significantly.
  • Positioned the asset for sale in three parts: one land parcel to a townhome developer, the other to an office developer and the stabilized office building to a portfolio buyer; completed all three parts within two years after initial acquisition.
  • Total unlevered return of more than 20% on invested capital (debt + equity).

At A Glance

$30 million

investment (debt +equity)

> 20%

unlevered return

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