ATLANTA-The 54-acre, 526,403-sf Powers Ferry Landing West office park in Fulton County is under new ownership today. The Carter Real Estate Fund and Julian LeCraw & Co., both of Atlanta, and New York-based Morgan Stanley Real Estate Funds collectively purchased the asset which has been rezoned to allow for the development of 1.2 million sf office space and 72 townhomes. The park currently has 510,926 sf of office with the balance in retail and restaurant space.

In a prepared statement, the developers didn’t disclose the purchase price or indicate when new phases of the park might begin. But area industrial brokers, in a position to know, tell the new owners paid about $30 million, or $57 per sf, for the 11-building, low-rise property which has 800 feet of frontage on the Chattahoochee River and hovers over Interstate 285.

Two prominent restaurants, Ray’s On The River and Olive’s, are located within the park which is on the Cobb-Fulton county line. Carter was set to take over the leasing and management of the property in mid-June.

Jim Shelton, Carter’s executive vice president, says the development team’s goal is to “reposition this well-located asset.” He adds, “We believe that the combined expertise of the operating partners, coupled with the resources of Morgan Stanley, will make this a very successful development for our tenants and investors.”

Michael J. Franco, managing director and head of Morgan Stanley Real Estate Fund IV-Domestic, echoes Shelton’s views on the property’s address. “We believe the location of our investment is irreplaceable and we are part of a successful and creative team that will maximize the property’s potential,” he says.

The partnership brings together some of Atlanta’s best-known development teams. Carter Real Estate Fund, founded in 1958, is the city’s oldest and largest privately held commercial real estate firm. Julian LeCraw & Co. is known for its apartment and condominium developments. Morgan Stanley Real Estate, a unit of Morgan Stanley, is comprised of investing, banking and lending divisions. Since 1991, the firm has acquired $30 billion of real estate assets worldwide for its clients.

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