Miami firm buys Atlanta-area office complex for $13.5M

IG3 Real Estate also obtained an $8.4 million bank loan linked to its latest Atlanta-area acquisition

Miami /
Sep.September 09, 2017 02:00 PM

Miami-based IG3 Real Estate bought an office complex in the Atlanta area for $13.5 million.

IG3 paid about $119 per square foot for the 113,016-square-foot Sugarloaf Business Center in Duluth, Georgia.

The office complex has a 98 percent occupancy rate. Major tenants include Credit Union Service Corp., Emory Clinic, United Healthcare Services Inc. and USASF Servicing.

IG3 obtained an $8.4 million loan from MidFirst Bank in connection with the property purchase.

“We are bullish on Greater Atlanta and continue to seek strategic investments in the area,” IG3 principal Carlos Imery said in a prepared statement.

The Miami firm’s recent acquisition in the Atlanta area include a 329-unit rental housing complex in Savannah, a 250,000-square-foot mixed-use development in Augusta and a 17,354-square-foot retail center in Woodstock.

Islandia Sugarwood, LLC of Westlake Village, California, sold the Sugarloaf Business Center to IG3. CBRE represented Islandia in the deal.


Related Articles

arrow_forward_ios
Rendering of 830 Brickell office tower; Cushman & Wakefield's Brian Gale, JLL's Manny De Zárraga, Avison Young's Donna Abood, Dwntwn Realty Advisors' Tony Arellano and Stephen Rutchik. (Credit: OKO Group and Cain International, JLL, CW, Dwntwn Realty Advisors, Cushman & Wakefield, Avison Young, Getty, 830 Brickell)
Meet the commercial brokers making bank in Miami
Meet the commercial brokers making bank in Miami
Brick & Timber's Jesse Feldman and Glenn Gilmore, Tricera Capital's Ben Mandell, and Lndmrk Development's Alex Karakhanian with Cube Wynwd (Brick & Timber, LinkedIn, Tricera, Lndmrk Development, Getty Images)
Brick & Timber to buy Cube Wynwd office building for $60M
Brick & Timber to buy Cube Wynwd office building for $60M
Ken Griffin in the center, with Brickell (right) and Palm Beach (below)
Ken Griffin’s Citadel comes to Brickell — and supercharges the market
Ken Griffin’s Citadel comes to Brickell — and supercharges the market
Keiser University CEO Arthur Keiser in front of 1900 West Commercial Boulevard and 1500 Northwest 49th Street in Fort Lauderdale (Keiser University, Keenan Development Group, Getty Images)
Keiser University sells pair of Fort Lauderdale office properties for $58M
Keiser University sells pair of Fort Lauderdale office properties for $58M
From left: MHCommercial Real Estate Fund II's Jordan Paul, Dung Lam and Neil Merin along with the Yamato Office Center in Boca Raton and the Bridge Point Powerline Road in Pompano Beach (NAI Global, LoopNet, Getty Images)
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
From left: Jorge Mas, Swire’s Kieran Bowers, David Beckham, and Stephen Ross
Beckham’s soccer stadium; Swire, Ross’ Brickell City Centre tower rezonings get preliminary commission OK
Beckham’s soccer stadium; Swire, Ross’ Brickell City Centre tower rezonings get preliminary commission OK
Related Group’s Jorge Pérez and Jon Paul Pérez with 2999 Northeast 191th Street (Related, Google Maps)
Related, partner pay $51M for Aventura mixed-use dev site
Related, partner pay $51M for Aventura mixed-use dev site
From left: One Flagler in West Palm Beach, 830 Brickell in Brickell, and Eighteen Sunset in Miami Beach (Getty, Related Southeast, LoopNet, Koniver Stern Group)
Spurred by new-to-market firms, South Florida office rents hit record highs
Spurred by new-to-market firms, South Florida office rents hit record highs
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...