December 5, 2008
Ackerman Leases Drive Big Flex Office Sale
Ackerman & Co. has assisted its partner URDANG Capital, in the sale of both American Business Center (ABC) and WhiteWater Business Center, a 629,600-square-foot mixed use flex office project in Marietta for $48 million to a partnership formed by Capital Commercial Investments Inc.
Ackerman has been leasing and managing ABC and WhiteWater since 1999 and helped to stabilize the property during that time, leasing a total of 151,000 square feet. Tenants at the 14-building complex, a mix of single- and two-story buildings, include The Healthfield Group, General Electric, Concentra, Embry-Riddle Aeronautical University and Bekaert Corp.
Ackerman’s Jimmy Stevens and David Ellis will maintain the leasing assignment for the new owners. Tom Shafer and John Hinson with Resource Real Estate Partners in Atlantabrokered the sale for URDANG.
URDANG, a division of BNY Mellon Asset Management, continue to maintain their relationships in other properties.
“URDANG and its managing agent, Ackerman & Co., have significantly enhanced these properties since we acquired them in December 1999,” said Vincent Sanfilippo, chief investment officer of Urdang Capital Management. These improvements along with their excellent location have made the business centers particularly attractive to investors and tenants.” The upgrades include replacing roofs on most of the 14 buildings, installing new elevators, re-grading and re-landscaping property frontage, renovating tenant suites, and installing new signs throughout the properties.
— ABOUT ACKERMAN —
Headquartered in Atlanta, Ackerman & Co. is one of the oldest full-service commercial real estate companies in the southeastern United States. Our expertise in four primary disciplines —brokerage, development, investment and management — enables us to quickly and effectively respond to our clients and create value through innovative real estate solutions.