The Sterling fund and its joint venture partner paid $5.6 million, or $25.45 per sf, eight years ago, according to GlobeSt.com research. The buyers at that time renovated the lobbies, common areas and building systems of the structure to increase its future value.
"Sterling American [initially] purchased this property due to its ideal location in the heart of the Peachtree corridor between Atlanta's Midtown and lower Buckhead [submarkets]," Adam Sabella, vice president of acquisitions and dispositions for Sterling, says in a prepared statement. "Despite challenging fundamentals in the Greater Atlanta office market, we were able to leverage the asset's location to fully execute on our business plan."
The estimated occupancy of the building is 70%, Downtown brokers familiar with the property tell GlobeSt.com. The Atlanta office of CB Richard Ellis Inc. negotiated for the sellers. Denholtz represented itself. Sterling American Property Inc., a 30-year-old firm, is an affiliate of Sterling Equities and American Securities LP.
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