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Featured Property: continued
10 Park Place, a 137k SF circa-1929
office building sandwiched between Edgewood Avenue and
Marietta Street, just a block from Georgia State
University, is now out of special servicing. Its former
$9M CMBS loan was recast with Atlantic Bank for an
undisclosed sum, according to Trepp. The new ownership
structure is much the same as it has been since 1996,
when Jim Cumming and Novare Group's Jim Borders bought
the property. But now Joel & Granot's Alan Joel (former
president of Atlanta's commercial board; below right
with his partner, Danny Granot) has been tapped as the
managing partner and a co-owner, as has Meltzer
Properties' Dion Meltzer. Alan says it helped the case
for repositioning the building that the group was able
to draft a slew of new leases on the property, pushing
occupancy from a low of 40% to above 90%, including an
expansion of Grady Health Systems and two full floors
for functions of the Fulton County government.
Some $3M in capital improvements is
planned for the historic structure—formerly known as the
Thornton Building and built by Albert E. Thornton, one
of Atlanta's historic families—as well, Alan says,
especially since this area of Downtown is seeing a
resurgence thanks to a burgeoning Georgia State
University student population. "The retail is affected
dramatically by Georgia State and we have a strong
retail presence near the campus," Alan says. For Joel &
Granot and Meltzer Properties, 10 Park Place is the
latest in a string of repositioned properties. It most
recently sold 1280 West Peachtree to Parkside Partners
for a major redevelopment, and it was involved in
the redo of 550 Pharr Road in Buckhead into a boutique
office property.
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