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Deal of the Issue: continued
The
office building located at 550 Pharr Rd in Atlanta
is near the northwest corner of Pharr Rd. and Piedmont
Road in the heart of the Buckhead corridor. Principal
Alan Joel notes, “Pharr Road has been the step child of
Buckhead for over 40 years. We bought the building empty
in late 2013 knowing that this corridor was ready for
significant improvements.” Currently, there are over a
dozen newly completed or under construction projects in
this corridor now, including the Buckhead Village
Project on Pharr Rd and Peachtree. “The building was
empty so it took a lot of faith from our investors (all
local), our mezzanine
partner (Rainer out of Dallas) and a little help from a
rising market. Anytime you buy an empty building with
new partners there is a certain amount of consternation
and stress right after you buy it.”, says Joel. The
Buyer was Stone Street Capital an investment advisory
company that operates in a variety of markets and across
a broad spectrum of investment disciplines based out of
Charlotte NC.
Renovated Lobby of 550 Pharr Rd.
About
Joel and Granot Real Estate:
At
Joel and Granot Real Estate (JGRE), our character and
culture are rooted in the firm's core values of
integrity, entrepreneurship and industry knowledge. JGRE
approaches the business of commercial real estate
services differently from others in the Atlanta
metropolitan area. Collaboration with colleagues and
clients drives our commitment to perform at the highest
level on behalf of our clients every day. To learn more
call 404.869.2600 or visit
www.joelandgranot.com.
JGRE
Principal Alan Joel and fellow
550
Pharr
investors celebrate the sale closing
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