Ackerman Medical Brokers Sale of 3 Medical Office Buildings in North Atlanta for $5.26 Million

Kris Redding

ATLANTA, GA – Ackerman Medical, a division of Ackerman & Co., represented Academy Orthopedics in the sale of its three-building, 25,643-square-foot medical-office portfolio located in Buford and Cumming, Ga., in north metro Atlanta.

 Nevada-based Stable Development Company purchased the properties for $5.26 million.

Ackerman Medical’s Kris Redding and Andrew Murphy of Highgate Partners represented ownership in the transaction and Beau Terrell of Highgate Partners represented the buyer.

Currently 90% occupied, the portfolio is approximately 50% leased to Academy Orthopedics, with Northside Hospital Imaging, Select Physical Therapy and Benchmark Therapy rounding out the tenant roster.

Andrew Murphy

“This portfolio offers the buyer a strong tenant mix with exceptional credit and steady cash flows thanks to the nearly five-year average remaining lease terms,” said Redding.

 “The tremendous residential growth taking place in these two micro markets will also help drive future demand for the medical services provided at these three medical facilities.”

The portfolio is comprised of 318 Tribble Gap Road in Cumming, Ga., a 14,643-square-foot, two-story building built in 1995; and 3919 & 3929 Carter Road in Buford, Ga., two single-story buildings built in 2006.

Beau Terrell

About Ackerman & Co.

Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast.

The company, founded in 1967, retains an expert team of more than 100 real estate professionals. 

To date, Ackerman & Co. has developed and acquired more than 37 million square feet of office, medical, industrial, retail and mixed-use space, has nearly 8 million square feet under management and maintains an investment portfolio valued at $1 billion.

Since 2000, Ackerman Medical has developed and owned nearly 2 million square feet of medical office space across metro Atlanta. As a leading owner and developer of medical office buildings, Ackerman Medical manages its properties to the highest institutional standards.

CONTACT:

Steve Webb Marketing Research Coordinator P: 678.993.2935     F: 770.913.3966 …………………………………………………………………………………………. Ackerman & Co. 10 Glenlake Parkway, South Tower, Suite 1000 Atlanta, Georgia 30328 www.ackermanco.com

Feldman Equities LLC Announces Completion of Park Tower Renovation and Significant Occupancy Achievement in Tampa, FL

Park Tower Office Building, Downtown Tampa, FL

TAMPA, FL ——Feldman Equities LLC (“Feldman Equities” or the “Company”)  announced the completion of the extensive multi-million dollar renovation at Park Tower property in downtown Tampa. 

Larry Feldman

 The value-add program executed since the acquisition of the property has generated significant increases in building occupancy and cash flow. 

 Including signed leases not yet in occupancy, the building is 94% leased, its highest occupancy in over a decade.

The renovation of Park Tower was instrumental in bringing over 22 new firms to the building, 15 of which are new to downtown Tampa.

“The use of glass and light combined with a stellar amenities package succeeded in repositioning this prominent historic structure as one of the most notable and exciting buildings on Tampa’s skyline,” stated Larry Feldman, Chief Executive Officer of Feldman Equities. 

“Park Tower’s owners investing millions in renovating the city’s original high-rise is just further proof of Tampa’s renaissance,” said Mayor Bob Buckhorn.

Tampa, FL Mayor Bob Buckhorn

 “Investments like these do not happen every day but what we’re seeing across the city is that not only can we redefine our skyline with new structures but also we can reimagine it with the existing ones.

"I look forward to admiring this renovation for years to come.”

In November 2016, a joint venture partnership consisting of City Office REIT, Inc., Feldman Equities and Tower Realty Partners acquired Park Tower for $79.8 million. 

Since that time, 170,000 square feet of new and renewal leases have been signed, bringing occupancy up from a low of 80% to 94% today. 

 “The renovation and tenant suite upgrades have completely transformed the building and prospective tenants are responding with high interest,” said Larry Feldman.

                                                                   

The most dramatic change at Park Tower is the modernization of the 471,000 square foot office building’s façade. 

 In addition to painting the exterior a lighter color, a new and dramatic entrance features a ‘Light Box’ leading into a stunningly renovated lobby, complete with a new Buddy Brew Coffee café. 

“We love everything about this location and partnership,” said co-owner and CEO of Buddy Brew Coffee, Dave Ward.  The new café’s attractive layout and design features a cosmopolitan aesthetic and high-end furnishings to match Park Tower’s modernization.

Dave and wife Susan Ward, co-owners, Buddy Brew Coffee
Tampa, FL

The renovation, designed by internationally-renowned architect Gensler, takes full advantage of Park Tower’s location across from the Tampa Riverwalk.

The removal of the concrete knee wall, the installation of glass storefronts with bright lighting and new exterior lighting have made the building much more inviting at the streetscape level. 

 On the interior, high-quality additions and improvements to common spaces and amenities have been made, including:

·         All new fitness center and yoga room with spin bikes

·         The all new Buddy Brew Coffee café

·         6th floor “Chill Zone” tenant lounge

·         Shared tenant conference room

·         New lobby concierge desk

·         Renovated parking garage with new LED lighting

Contact:

Mack Feldman

813-221-6699

mfeldman@feldmanequities.com

www.parktowertampa.com

www.towerrealtypartners.com

www.feldmanequities.com

www.cityofficereit.com