Dealmaker: C&W Secures $30M for Atlanta Offices

Cushman & Wakefield, New York, secured $29.6 million in acquisition financing for Brookside I and II, two Class A office buildings in Atlanta’s North Fulton submarket. 

Equus Investment Partnership X, a discretionary fund managed by Equus Capital Partners Ltd., purchased the properties, which total 266,500 square feet of rentable space.

C&W Executive Managing Director Phil Mudd and Senior Vice President Brad Geiger secured the five-year floating-rate loan from New York Life Real Estate Investors. “Due to the sponsorship and quality of the buildings, there was considerable interest from the banks and insurance companies to provide floating-rate financing for Brookside I and II,” Geiger said. “Ultimately, New York Life was chosen because of the competitiveness of their quote and the flexibility they offered.”

Located in Alpharetta, Ga., adjacent to Old Milton Parkway, Brookside I and II tenants include Clorox, Qwest Communications and TitleMax of Georgia.

Cushman & Wakefield also sold two adjacent mixed-use buildings in Queens, N.Y. The buildings on 41st Avenue between Bell Boulevard and 214th Place in Queens’ Bayside neighborhood sold in a single all-cash transaction valued at $2.1 million.

C&W Executive Director Stephen Preuss handled the transaction. He said a long-standing tenant exercised its option to purchase the properties. “Bayside is a rapidly growing neighborhood in Queens; commercial real estate demand has drastically increased over the past two years due to local and foreign development interest,” he said. 

The three-story buildings total 8,000 square feet on a 40′ by 110′ lot. They include seven retail/office units and an additional storage unit on the lower level.