ATLANTA—Sugarloaf Business Center has traded hands. IG3 Real Estate snapped up the 113,016-square-foot office complex in Duluth, GA for $13.5 million.

All told, the Miami-based real estate investment and asset management firm has invested over $100 million worth of Georgia commercial real estate assets in the past two years. Duluth has seen an uptick in its office market in recent weeks.

“The Greater Atlanta office market is already one of the nation's strongest, with 16 Fortune 500 companies based there—behind only New York and Houston—but there is also significant potential upside for investors and developers as we are in the absorption stage of the inventory cycle,” IG3 principal Carlos Imery, tells GlobeSt.com. “The area continues to attract new educated professionals and has an evolving tech scene that is on par with the top East Coast tech markets. Residential development might be slowing down, but demand for new office product remains strong.”

(Atlanta's office market is feeling the pain of massive move outs. Read more here.)

Located on nearly 14 acres at 1845-1855 Satellite Boulevard, the Sugarloaf Business Center comprises two single-story office buildings constructed in 1999 and 2001. The center is 98% occupied under triple net leases. Credit Union Service Corp., Emory Clinic, Hire Dynamics, United HealthCare Services and USASF Servicing are among the office park's major tenants.

Led by the Imery family, IG3 specializes in the acquisition, development and management of office and retail assets. The company obtained an $8.4 million loan from MidFirst Bank. Mariano Perez of Grandbridge Real Estate Capital arranged the financing and the equity was procured directly by IG3 from high-net-worth individuals.

“Sugarloaf offered a rare opportunity to acquire a stabilized office property positioned between two major highways in an incredibly strong market,” says Imery. “As our recent commercial real estate activity shows, we are bullish on Greater Atlanta and continue to seek strategic investments in the area.”

Islandia Sugarwood sold the complex to IG3. CBRE first vice president Tony Swann and senior vice president Craig Taylor represented Islandia in the deal.

The Sugarloaf property is located along Interstate 85 with easy access to Sugarloaf Parkway, Atlanta's interstate system, thousands of upscale homes and nearby country clubs. That, along with the buildings' open floor plans and proximity to many retail, dining, entertainment and recreational facilities, makes Sugarloaf one of the most desirable office locations in the Northeast submarket.

For IG3, the Sugarloaf acquisition expands its strong foothold in the Greater Atlanta market. Other recent investments in the area include: Enterprise Mill, a class A, mixed-use property with a gross square footage of approximately 250,000 square feet in Augusta; Waverly Station, a 329-unit multifamily complex located in Savannah; and Weatherstone Promenade, a 17,354 net leasable square-foot retail center in Woodstock.

ATLANTA—Sugarloaf Business Center has traded hands. IG3 Real Estate snapped up the 113,016-square-foot office complex in Duluth, GA for $13.5 million.

(Atlanta's office market is feeling the pain of massive move outs. Read more here.)

Islandia Sugarwood sold the complex to IG3. CBRE first vice president Tony Swann and senior vice president Craig Taylor represented Islandia in the deal.

Instant Insights /

Strategic Office Complex Trades in Strengthening Duluth Market

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