{"id":1004275661,"date":"2018-10-31T04:13:32","date_gmt":"2018-10-31T12:13:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004275661"},"modified":"2022-12-06T20:24:46","modified_gmt":"2022-12-07T04:24:46","slug":"alta-properties-offloads-atlanta-office-for-27m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/alta-properties-offloads-atlanta-office-for-27m\/","title":{"rendered":"Alta Properties Offloads Atlanta Office for $27M"},"content":{"rendered":"<p>By Jeff Hamann<\/p>\n<div id=\"attachment_1004275664\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/Crescent-Centre.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004275664\" data-attachment-id=\"1004275664\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/alta-properties-offloads-atlanta-office-for-27m\/crescent-centre\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/Crescent-Centre.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;11&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D3&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1294069434&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;17&quot;,&quot;iso&quot;:&quot;250&quot;,&quot;shutter_speed&quot;:&quot;0.008&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Crescent Centre\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Crescent Centre&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/Crescent-Centre.jpg?w=800\" class=\"wp-image-1004275664 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/Crescent-Centre.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/Crescent-Centre.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/Crescent-Centre.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/Crescent-Centre.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004275664\" class=\"wp-caption-text\">Crescent Centre<\/p><\/div>\n<p>Alta Properties has sold Crescent Centre, a 247,296-square-foot Class A office asset near Atlanta, to Faropoint for $27.4 million. Capital Bank provided the new owner with a five-year, $18 million acquisition mortgage, according to Yardi Matrix.<\/p>\n<p>Faropoint has selected Avison Young to manage the property, and additionally retained the firm\u2019s Kirk Rich and Jillian Bailey to oversee leasing operations.<\/p>\n<p>Located at 100 Crescent Centre Parkway in Tucker, Ga., the building rises eight stories just outside The Perimeter, 13 miles from downtown Atlanta. The asset is positioned next to a Kaiser Permanente hospital and adjacent to an extended-stay Studio 6 motel.<\/p>\n<p><em>\u201cThe Crescent Centre building is located in one of Atlanta\u2019s up-and-coming office districts and offers tenants easy access to Interstate 285 as well as 51 restaurants, 28 retailers and 15 hotels within 1 mile,\u201d<\/em> said Rich, principal with Avison Young, in a prepared statement.<\/p>\n<p>The office building, constructed in 1985 and renovated in 2006, is home to a mixed tenant base, including Gypsum Management and Supply, Hewlett Packard and Apogee Interactive. The property has a vacancy rate of 12.1 percent, according to Yardi Matrix. Tenant amenities include a fitness center, a conference center, 2,900 square feet of retail space and a parking structure.<\/p>\n<p>In July, Parmenter Realty Partners <a href=\"https:\/\/www.commercialsearch.com\/news\/avison-young-lands-atlanta-leasing-assignment\/\">tapped Avison Young to manage and lease<\/a> a nearly 210,000-square-foot office&nbsp;property in the city\u2019s Central Perimeter submarket.<\/p>\n<p><em>Image courtesy of Avison Young<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The buyer selected Avison Young to oversee property management and financed the acquisition with a five-year, $18 million loan held by Capital Bank.<\/p>\n","protected":false},"author":861,"featured_media":1004275664,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21784,21743,21825,21783,21742,21747,21785],"tags":[33022,36351,36780],"class_list":["post-1004275661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-brokerage","category-deals","category-finance","category-investment","category-latest","category-office","category-property-management","tag-avison-young","tag-capital-improvement","tag-kirk-rich"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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