Cushman & Wakefield’s Equity, Debt & Structured Finance Group arranged $18.8 million in financing on behalf of Biscayne Atlantic to fund the acquisition of Gwinnett Commerce Center, a 10-story, 213,563-square-foot office building located in Duluth, Ga., in Atlanta’s Northeast submarket. Biscayne Atlantic purchased the property in a joint venture with Red Starr Investments and PointOne Holdings.
Senior Managing Director Mike Ryan, Managing Director Brian Linnihan and Director Jeff Walker led the C&W team that arranged acquisition financing on behalf of the buyer. NXT Capital provided the loan. In addition to financing the acquisition, the loan will provide proceeds for comprehensive capital improvements.
C&W’s Atlanta Capital Markets Group also represented the seller, Miami-based Parmenter Realty Partners, in the transaction. C&W’s Executive Director David Meline, Executive Director Stewart Calhoun and Director Samir Idris represented Parmenter Realty Partners in the transaction.
Located at 3700 Commerce Center Drive, Gwinnett Commerce Center is a premier Class A office building that has been institutionally owned and maintained since it was constructed in 1989. As the tallest office building in the Northeast Atlanta submarket, the building provides excellent visibility and stunning views. It is also the only office building in the submarket with a covered parking deck, which is attached to the lobby by a covered walkway.
The contemporary design is highlighted by a two-story atrium, a reflective glass exterior, full-height windows and granite finishes. Other amenities include a full-service café, a conference facility, on-site management, 24/7 security, and convenient entry and exit via multiple access points.
Cushman & Wakefield has also been selected to provide property management and leasing services for the new owner.
Steve Webb – The Gove Network
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