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| Wade Green Commons, Kennesaw, GA |
ATLANTA, GA (Feb. 27, 2013) – Bull Realty has brokered a
$1.4 million, all-cash sale of Wade Green Commons, a bank-owned office
complex in Kennesaw, Ga., a northern suburb ofAtlanta.
Casey Keitchen, vice president, National Office
Group, for Bull Realty, represented the seller, Fidelity Bank. The buyer, Excel
Realty Group, an investment firm out of Ohio, was represented by Stacy
Taylor of Taylor Real Estate Services.
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| Casey Keitchen |
The 5.5-acre
development was designed for 65,000 square feet of office space and was delivered
in 2009 as the office market tanked.
Fidelity acquired the complex when it acquired the assets of
Security Exchange Bank in a loss-share agreement with the FDIC, and Fidelity
put the property on the market in late 2012. Approximately 14,752 square feet
had been built by then, 92 percent of which was leased at the sale closing on
Feb. 21, 2013.
Amedisys, a national
tenant, is the largest tenant in the complex. The new owner plans to
immediately begin construction of speculative office space in the complex. Wade
Green Commons is located at 4255 Wade Green Road, on the east side of I-75.
“It’s interesting that an Ohio investor won the bid over the
regional players and is starting construction right away,” said Michael Bull,
Bull Realty founder and host of the “Commercial Real Estate Show” radio
program. “The typical buyers were somewhat jaded and did not value the
opportunity as much as we believed they should.”
“This sale is another example of how our firm’s policy of
sharing listings and fees with outside brokers benefits our clients,” Keitchen
said. “Our extensive Internet marketing, combined with full co-operation
amongst the entire brokerage community, is more effective than traditional
database-only brokerage, and consistently generates more offers at higher
prices.”
Contact:
Stephen Ursery
The Wilbert Group
E-mail: sursery@thewilbertgroup.com
Office: (404) 965-5026
Cell: (404) 405-2354
