ALPHARETTA, GA-With $77 million in acquisition financing, CH Realty IV/Royal Center LLC has acquired the three-building, 620,000-sf Royal Centre class A office portfolio. The 10-year loan was provided by Des Moines-based Principal Global Investors.
CBRE/Melody Hartford office senior director Michael Riccio and William Tyler, Michael Doll and John Farrell, of CBRE/Melody's Atlanta office, secured the financing on behalf of the borrower, CH Realty IV/Royal Center, which is an affiliate of Dallas-based Crow Holdings. The financing paid for a portion of the acquisition price, which was not released, Riccio tells GlobeSt.com.
The three buildings are located at 11575, 11475 and 11700 Great Oaks Way in North Fulton submarket. The buildings were constructed between 1998 and 2000 and range in height from three to six stories. The portfolio was 93% leased at the time the financing closed.
"Principal Global Investors offered attractive financing and worked quickly with our client to close the transaction simultaneously with the acquisition," Riccio says.
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