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 GlobeSt.com 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.