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The sale of the property between a private investor and owner operator and the new owner, a Chicago-based private equity firm, was reported by brokerage firm Marcus & Millichap.
A joint venture of Trammell Crow Co. and Elm Tree Funds was awarded a 20-year build-to-suit lease in August with the General Services Administration for the project.
JP Morgan and Mack Real Estate are providing $294 million for the luxury condominium tower. Construction on the 22-story building that is being built by John Moriarty & Associates has begun.
"The sale was driven by a long-term absolute triple-net lease," says STREAM Capital's Phil DiGennaro. "The private buyer was in a large 1031 exchange and was drawn to the company's headquarters location outside of Pittsburgh.”
The $172 million purchase price reported by Real Capital Analytics ranks the sale as the second largest multifamily transaction in Atlanta metro history.
Secaucus, NJ-based Hartz Mountain has previously stated while in contract for the property that it plans to demolish the more than 413,500-square-foot complex and develop warehouse and distribution space at the site.