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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-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.