An Atlanta real estate firm acquired the four-building Embassy Row complex in Sandy Springs for a huge discount after the previous owner handed over the keys to the property.
One of the mid-rise office towers at Embassy Row in Sandy Springs.
Insignia LLC took title of the 670K SF mid-rise office campus through a deed in lieu of foreclosure transaction valued at $34.5M, less than the $60M Wells Fargo Bank loan attached to the property, the Atlanta Business Chronicle reported.
Bridge Investment Group and Fairlead Commercial Real Estate, which merged in 2017, purchased Embassy Row in 2015 for $70M, according to the Reonomy property database. Wells Fargo’s loan was initially set to mature in 2020, according to Reonomy.
Embassy Row is 55% leased at time of purchase, with Newell Brands, Mr. Coffee and American InterContinental University among its banner tenants, according to the ABC. Insignia, which owns local shopping centers and River Ridge, the 179K SF office building at 9040 Roswell Road in Sandy Springs, obtained a $17.6M loan from White Oak Assets for the acquisition, which matures in March 2025, the ABC reported.
SALES
Bukhari Group Hospitality purchased the Holiday Inn Express & Suites Alpharetta-Windward Parkway from Atlanta-based Satori Collective for an undisclosed price. Satori purchased the 124-room hotel in 2013 for $7.3M, according to Reonomy.
Hunter Hotel Advisors Senior Vice President Mayank Patel brokered the transaction.
***
Krause Auto Group, an automotive dealership chain, purchased 17.6 acres in Winslow Park, a 215-acre planned mixed-use campus in Athens, Georgia. The park was assembled and…
Read the full article here
