Georgia’s fourth-largest bank has taken over a pair of Alpharetta office buildings from their owner short of going through a foreclosure process.
Galleria 300 building, part of the Galleria Office Park, recently acquired by Piedmont Office Realty Trust.
Synovus Bank acquired Deerfield Point and Windward Pointe 200, totaling three buildings and 340K SF, from TerraCap Management in a deed-in-lieu-of-foreclosure transaction valued at $23.7M, the Atlanta Business Chronicle reported. The move allowed TerraCap to hand back the deeds to Synovus without going through foreclosure.
Synovus’ price tag represents a nearly 50% drop from what TerraCap paid for the two buildings In 2017. The Naples, Florida-based investment firm paid $28.6M for the two-building, 208K SF Deerfield Point campus at 12725 Morris Road and $18.5M for the five-story, 132K SF Windward Pointe 200 building at 5900 Windward Parkway, according to the Reonomy property database.
TerraCap financed its acquisition with a $32M mortgage from Florida Community Bank, which merged with Synovus in 2019, according to the ABC. The loan matured on June 1, 2022, according to Reonomy.
SALES
Ponce City Market owner Jamestown purchased Fountain Oaks, a 160K SF Kroger-anchored shopping center in Sandy Springs, from Edens for an undisclosed sum. The property last sold in 2013 for $27.6M, according to Fulton County documents.
The Fountain Oaks purchase occurred at the same time that Jamestown bought Tamarac Town Square, a Publix-anchored, 125K SF shopping center just south of Boca Raton, Florida, for $22.5M from Regency Centers, the South Florida Business Journal reported.
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