Spear Street Capital Acquires Office Buildings On Summit Blvd In Atlanta For $247.5M
SOLD
$247,500,000
Georgia
See Similar DealsOffice
Sold 01/13/2023
SOLD
Spear Street Capital Acquires Office Buildings On Summit Blvd In Atlanta For $247.5M
1001 Perimeter Summit Boulevard, Atlanta, Georgia 30319, United States
See Similar DealsOffice
Sold 01/13/2023
Summary
GEORGIA
Asset Type:Office
Transaction Type:Sale
The property located at 1001, 2002 & 4004 Summit Blvd in Atlanta, GA has been sold in a recent transaction. The asset is an office building with a sale price of $247,500,000. The buyer of the property is Spear Street Capital. The deal was facilitated by the brokers Richard Reid, Ryan Clutter, Ed Coco, Huston Green, and Ralph Smalley from JLL.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $247,500,000
- Date: 01/13/2023
- Address: 1001, 2002 & 4004 Summit Blvd
- Market: Atlanta, GA
- Buyer: Spear Street Capital
- Brokers: Richard Reid, Ryan Clutter, Ed Coco, Huston Green & Ralph Smalley - JLL
In this transaction, Spear Street Capital acquired the office property located at 1001, 2002 & 4004 Summit Blvd in Atlanta, GA for a total sale price of $247,500,000. The deal was successfully closed with the assistance of Richard Reid, Ryan Clutter, Ed Coco, Huston Green, and Ralph Smalley, who represented the buyer and seller in the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$13,200,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$879,315.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,173,276.27
Annual Debt Service$14,079,315.22
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