Insignia purchased Paces West, an office complex made up of two 18-story towers, for $21.75 million. The sellers, CP Group and Farallon Capital Management, purchased Paces West in 2019 for $119.5 million. A loan on the property entered into special servicing in July due to a maturity default. The property is at 2727 Paces Ferry Rd SE in the Vinings neighborhood of Atlanta.
The Atlanta Business Chronicle reports that Insignia took out a $12 million acquisition loan with Westmoore Group. The occupancy rate of the two 18-story towers is approximately 45%. The leasable square footage is 646,471. Piedmont Healthcare recently left the complex, leaving 253,000 square feet vacant.
The new owners plan to rebrand the property and execute a new leasing strategy.
Inignia also controls a large portion of the Embassy Row complex in Sandy Springs, an 8-story office building called River Ridge at the northern edge of Sandy Springs, 1200 Ashwood in Dunwoody, Parkside Terraces in Alpharetta, and the former Kmart site in Doraville.
The post Insignia Acquires Atlanta-Area Office Towers at Steep Discount appeared first on Connect CRE.
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