The Legal Twists And Turns In Underground Atlanta Sale

Underground Atlanta

ATLANTA—Underground Atlanta just sold for $34.6 million. WRS, a real estate investment company based in Charleston, SC, plans to redevelop the 12-acre site into a live-work shop community with retail, hospitality, entertainment and residential space. The sale will result in $8 million annual cost savings for the City of Atlanta.

“There were a lot of twists and turns,” Andy Williams, who led the Morris, Manning & Martin legal team for the acquirer, WRS, tells GlobeSt.com. “The challenges included the historic nature of the property, including the history of its ownership. It’s honeycombed by rights of way and interests owned by third parties. Because of its configuration, there were a lot of challenges to a real estate lawyer you wouldn’t typically see in an individual deal—or even dozens of deals—that had to be addressed in this deal.”