A host of suburban office properties tied up in a distressed CMBS loan have lost as much as 36.5% of their value, according to a new appraisal, as lenders and owners continue to search for a bottom on office prices.
1000 Parkwood Circle in Cobb County, one of five office complexes in Metro Atlanta that were reappraised while in special servicing.
An eight-building office portfolio held by bankrupt landlord Adventus Realty Trust, the majority of which are in the Atlanta suburbs, saw its appraised value fall from $439M to $279.9M, according to Morningstar Credit.
Five of the eight repriced office complexes are in Metro Atlanta:
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The three-building, 315K SF Barrett Lakes office park in Kennesaw, which was repriced to $55M, down 30.5%.
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The four-building, 350K SF TownPark Commons in Kennesaw, which saw its value drop 19.3% to $63.8M.
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The six-story, 162K SF Milton Park at 30000 Mill Creek Ave. in Alpharetta, which was reappraised at $47.9M, down 36.5% from its prior value.
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The 10-story, 213K SF 1000 Parkwood Circle in the Cumberland/Galleria submarket, which was reappraised downward by 21.9% to $37M.
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The six-story, 155K SF 1600 Parkwood Circle office building in Cumberland/Galleria, which saw its value drop 13.8% to $28M.
The CMBS loan tied to this portfolio, which includes three Illinois properties, was originally issued by Credit Suisse. It was placed into special servicing last August with Rialto Capital, according to documents filed with the Securities and Exchange Commission.
Vancouver, British Columbia-based Adventus, which filed for bankruptcy in July, was delinquent on the loan before the CMBS was…
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