- Location: 1750 Founders Pky - Alpharetta, GA 30009
- Size: 112,559 SF
- Type of Project: Investment Sale
- Service Type: Capital Markets
- Market was very familiar with this portfolio – both CBRE and HFF had conducted failed sales. Local buyers had begun to compete downwards on pricing
- High occupancy for asset class – buyers like to buy single story office cheap and stabilize to a low-8 annual return. This was a Core Plus deal in a Value Add market.
- Stubborn equity partner – controlling partner in deal needed above-market pricing to hit returns hurdle required on exit
- Difficult Rent Roll – Large tenant with over 6 years of remaining term was not occupying their space
Casey identified an outlier buyer who had to place 1031 money within a short time frame. The buyer already had one asset in Atlanta, and was bullish on the asset.
Casey was able to creatively match buyer and seller needs to push pricing and guarantee surety of close, where two best-in-class shops had failed in running a ‘market’ transaction process.