{"id":1004205299,"date":"2018-01-31T03:45:07","date_gmt":"2018-01-31T11:45:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004205299"},"modified":"2022-12-08T17:46:49","modified_gmt":"2022-12-09T01:46:49","slug":"pac-nabs-4-office-assets-in-atlanta","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pac-nabs-4-office-assets-in-atlanta\/","title":{"rendered":"PAC Nabs 4 Office Assets in Atlanta"},"content":{"rendered":"

By Jeff Hamann<\/p>\n

\"Armour<\/a>

Armour Yards – 165 Ottley Drive N.E.<\/p><\/div>\n

Preferred Office Properties, a division of Preferred Apartment Communities, has acquired Armour Yards, a development containing four recently converted office buildings in Atlanta\u2019s Buckhead submarket. Located in warehouses constructed in the 1960s, the project resulted in 186,779 square feet of new, Class A office space<\/a>.\u00a0The owner\u00a0financed the acquisition a $40 million non-recourse mortgage held by John Hancock. The 10-year loan has a fixed rate of 4.1% and amortizes following a 30-year schedule.<\/p>\n

Located at 120, 165, 225 and 255 Ottley Drive N.E., alongside Interstate 85, the office buildings are situated approximately five miles north of downtown Atlanta. The immediate area contains a number of industrial properties, including a maintenance facility for the city\u2019s metropolitan rail system, MARTA.\u00a0The\u00a0space across the four structures is\u00a0currently 96 percent leased to a list of tenants including Coyote Logistics, Influence Health, FullStory and the GSM Association.<\/p>\n

Recent conversion<\/h2>\n

The project\u2019s developers, Third & Urban and J.P. Morgan, completed the adaptive reuse of the buildings during the past two years. The two firms had transformed the previously industrial structures with construction financing totaling $32 million from SunTrust Bank, according to Yardi Matrix.<\/p>\n

\u201cArmour Yards is a high quality development that gives us exposure to a growth segment of the market by catering to customers that want a different workplace experience from the traditional glass tower.\u00a0 This acquisition provides us the opportunity to invest in an asset having a stable, impressive rent roll and located in what we believe is an irreplaceable infill site,\u201d<\/em> said Boone DuPree, CEO of Preferred Office Properties, in a prepared statement.<\/p>\n

Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The four office buildings of the Armour Yards development total nearly 200,000 square feet of space and were converted from warehouses over the last two years.<\/p>\n","protected":false},"author":861,"featured_media":1004205300,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21743,21825,21783,21742,21747],"tags":[36890,38413,35547,33087,34336],"class_list":["post-1004205299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-deals","category-finance","category-investment","category-latest","category-office","tag-coyote-logistics","tag-john-hancock-insurance","tag-jpmorgan","tag-preferred-apartment-communities-inc","tag-suntrust-bank"],"acf":[],"yoast_head":"\nPAC Nabs 4 Office Assets in Atlanta - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pac-nabs-4-office-assets-in-atlanta\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PAC Nabs 4 Office Assets in Atlanta\" \/>\n<meta property=\"og:description\" content=\"The four office buildings of the Armour Yards development total nearly 200,000 square feet of space and were converted from warehouses over the last two years.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pac-nabs-4-office-assets-in-atlanta\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-01-31T11:45:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:46:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Armour-Yards-165-Ottley-Drive-N.E..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jeff Hamann\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pac-nabs-4-office-assets-in-atlanta\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pac-nabs-4-office-assets-in-atlanta\/\",\"name\":\"PAC Nabs 4 Office Assets in Atlanta - 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