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ATLANTA-Omaha-based Quarter Circle Capital has acquired two properties for $22 million on behalf of the company’s recently formed fund, QCC Fund I, LP.

QC Capital focuses on acquiring non-core and/or problem assets or loans from owners or lenders ranging from $5 to $25 million in value. “Both of these transactions fit within our fund’s investment criteria,” QC Capital CEO James Puckett says in a statement.

One of the properties acquired was One West Court Square, a 158,000-sf office and retail building in Decatur. QC Capital acquired the defaulted mortgage note on the property and negotiated a deed in lieu of foreclosure with the borrower. The note was acquired from the mortgage note’s special servicing agent for $16.7 million in an all-cash transaction. The building is 23% occupied, with plans to lease the vacant space.

“We have earmarked approximately $4 million of additional capital for leasing commissions, tenant improvements and building improvements to lease this asset, and have already received positive leasing activity,” says QC Capital CIO Starr Schulke, in a statement.

The second property acquired was Westside Parkway, a 61,000-sf office building in the city’s Mansell Road Corridor. The property was acquired in partnership with Phoenix Atlanta Partners, with QC Capital providing the majority of the approximately $6.5 million all-cash purchase price.

The building, acquired from Indianapolis-based Duke Realty Corp., was 100% vacant. During purchase negotiations, Phoenix Atlanta found a 23,000-sf tenant for the property and signed a lease concurrent with closing. With Phoenix Atlanta’s plans to occupy 5,000 sf, the building’s vacancy will be reduced to 55%.

“As with all of our acquired assets, we have substantial funds set aside for asset improvements, tenant improvements and leasing commissions, and we are anticipating rapidly leasing the remaining vacant space in this well-located and attractive asset,” Schulke says.

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