QC Capital focuses on acquiring non-core and/or problem assetsor loans from owners or lenders ranging from $5 to $25 million invalue. "Both of these transactions fit within our fund's investmentcriteria," QC Capital CEO James Puckett says in a statement.

|

One of the properties acquired was One West Court Square, a158,000-sf office and retail building in Decatur. QC Capitalacquired the defaulted mortgage note on the property and negotiateda deed in lieu of foreclosure with the borrower. The note wasacquired from the mortgage note's special servicing agent for $16.7million in an all-cash transaction. The building is 23% occupied,with plans to lease the vacant space.

|

"We have earmarked approximately $4 million of additionalcapital for leasing commissions, tenant improvements and buildingimprovements to lease this asset, and have already receivedpositive leasing activity," says QC Capital CIO Starr Schulke, in astatement.

|

The second property acquired was Westside Parkway, a 61,000-sfoffice building in the city's Mansell Road Corridor. The propertywas acquired in partnership with Phoenix Atlanta Partners, with QCCapital providing the majority of the approximately $6.5 millionall-cash purchase price.

|

The building, acquired from Indianapolis-based Duke RealtyCorp., was 100% vacant. During purchase negotiations, PhoenixAtlanta found a 23,000-sf tenant for the property and signed alease concurrent with closing. With Phoenix Atlanta's plans tooccupy 5,000 sf, the building's vacancy will be reduced to 55%.

|

"As with all of our acquired assets, we have substantial fundsset aside for asset improvements, tenant improvements and leasingcommissions, and we are anticipating rapidly leasing the remainingvacant space in this well-located and attractive asset," Schulkesays.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 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.