Metal Asset Acquisition LLC of Atlanta sold LeCraw the tract for $23.88 per sf, a price more often seen in the central business district these days than in non-Downtown areas, local brokers tell GlobeSt.com. But LeCraw was not surprised by the negotiated price, brokers say, because the firm had purchased a 10-acre site from the same seller 16 months ago for $7.2 million or $720,000 per acre ($16.53 per sf).
Alan Joel, a principal at locally based Alan Joel Partners, negotiated both deals for the seller. LeCraw recently completed the 308-unit M-Street apartment development on the 10-acre site.
"The upper west side is Atlanta's next up-and-coming neighborhood," says Joel. "We've made our home in this [Marietta Street corridor] area and intend to play a major role in its revitalization and development." The eight-year-old firm, an affiliate of Corfac International, represents users and owners in the office, retail, land and industrial categories.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.