Holder Properties has acquired Peachtree Palisades, a 129,386-square-foot office building in Midtown Atlanta for $23.3 million, from ELV Associates. The seven-story property was built in 1965 and is 91 percent leased.
Located at 1819 Peachtree Road, at the intersection of the Midtown and Buckhead submarket, the property is adjacent to Piedmont Hospital’s expanding Midtown campus. The building is in close proximity to downtown and offers easy access to nearby interstates 75 and 85.
A CBRE team of Ryan Reethof, Justin Parsonnet, Will Yowell and Jay O’Meara represented ELV, which had owned the property for nearly 20 years.
“This offering received extraordinary interest from investors seeking to reposition the asset with additional amenities and cosmetic improvements,” said Reethof in prepared remarks. “Holder Properties has been known for its development expertise but is now expanding its platform to include value-add and core-plus office projects. We’re excited to have played a role in the company’s first acquisition under this new strategy.”
Earlier this month, Crocker Partners sold a 433,000-square-foot office property in the Buckhead submarket of Atlanta for $166 million, to New York Life Real Estate Investors.
Image courtesy of CBRE