ATLANTA—Underground Atlanta just sold for $34.6 million.WRS, a real estate investmentcompany based in Charleston, SC, plans to redevelop the 12-acresite into a live-work shop community with retail,hospitality, entertainment and residential space. The sale willresult in $8 million annual cost savings for the City ofAtlanta.
“There were a lot of twists and turns,” Andy Williams,who led the Morris, Manning & Martin legal team for theacquirer, WRS, tells GlobeSt.com. “The challenges included thehistoric nature of the property, including the history of itsownership. It's honeycombed by rights of way and interestsowned by third parties. Because of its configuration, there were alot of challenges to a real estate lawyer you wouldn't typicallysee in an individual deal—or even dozens of deals—that had to beaddressed in this deal.”
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