Northside Tower
  • Location: 6065 Roswell Rd NE - Atlanta, GA 30328
  • Size: 121,520
  • Type of Project: Investment Sale
  • Service Type: Capital Markets

Deal Overview:

  • Address:           6065 Roswell Rd NE
  • RBA:                 121,520
  • Occupancy:       95.0%
  • In-Place NOI:     $911,750
  • Sale Price:         $13,025,000
  • Cap Rate:          7.00%
  • Sale Date:         10/20/2016
  • Buyer:              Stein Investment Group

Challenges:

  • Off-market deal – difficult to generate buy-side competition
  • Unmotivated Seller – BOV pricing was below returns threshold
  • Significant Deferred Maintenance – Roof replacement and parking deck reinforcement required

Solution: Casey identified the property for an existing 1031 client who needed to place funds from a recent sale. The family office had traditionally invested in Retail and Self Storage and was a new-to-market buyer for Office.

Execution: After receiving feedback from Seller on Equity Partner hurdle, Casey was able to leverage his existing relationship with the Buyer push pricing and provide surety of close.