A red-trimmed boutique office building in the Buckhead Village District changed hands after the seller’s loan matured in January.
550 Pharr Road in Buckhead, which was acquired by Tenant Managers and Babloo Investments.
Tenant Managers and Babloo Investments purchased 550 Pharr Road, a 108K SF office building with some retail, for an undisclosed price, according to a press release. While Tenant and Babloo didn’t identify the seller, 550 Pharr Holdings LLC, the entity is tied to Atlanta-based Sage Equities, according to state documents.
Sage purchased the building in a joint venture with Anchor Capital Partners in 2017 for $20M. Oceanview Commercial Mortgage Finance held an $18M conventional loan on the property, which matured on Jan. 6, according to data compiled by Reonomy. Neither Sage nor Anchor returned messages seeking comment.
Tenant Managers legal counsel Mili Shah described the purchase as a value-add play in the heart of Buckhead. Shah said no outside brokers were used in the sale, but the firm is soliciting brokerage firms to help lease the more than 32K SF of vacant offices.
Tenants at 550 Pharr include the restaurant Bangkok Station and Anytime Fitness.
SALES
Stratus Property Group purchased 415 Rome St., a 38K SF retail strip center in Downtown Carrollton, for an undisclosed sum. The property was previously owned by 415 Rome Street LLC, which purchased the strip center in 2020 for $1.5M.
***
Texas-based Woodside Capital Partners purchased Shadowood at Powers Ferry Road, a three-building office park near The Battery Atlanta in Cobb County, from the Atlanta Property Group for $14M, the Atlanta Business…
Read the full article here
