Source: Douglas Sams, Atlanta Business Chronicle
German real estate company Newport US RE continues buying downtown buildings around the planned but long-delayed overhaul of Underground Atlanta.
Newport yesterday completed a deal to buy the former H.L. Green Building for $3.5 million, said Sebastian Drapac, chief operating officer with Drapac Capital Partners.
A previous story had published the sales price incorrectly as just under $1 million.
Australian real estate investment firm Drapac Capital has been expanding its Georgia portfolio over the past few years, both intown and across suburban Atlanta. It had owned the H.L. Green Building for barely over a year, buying the property for just $970,000.
The building is the latest in a series of key downtown properties Newport has acquired.
Last year, it was the lead capital partner in a deal with Mount Pleasant, S.C.-based WRS Inc. that scooped up 74, 73, 70, 64, 57 and 55 Peachtree Street, along with 98, 96 and 60 Broad Street. It acquired those properties for about $10 million, according to Fulton County records.
The collection of row-style buildings once made up the heart of downtown’s retail district. Today, some of the buildings are part of an emerging artists’ district on Broad Street, including tenants such as performance arts incubator Downtown Players Club.
Newport called the 99 Peachtree building an important connection.
“We love the bones of the building and its nostalgia as a historic Five-and-Dime store in this neighborhood, “ said Katharine Kelley, executive vice president for Newport US RE.
Newport’s team members include Kelley and Jake Nawrocki, both former executives with Jamestown, the developer of Ponce City Market.
The sale of Underground Atlanta remains in limbo, but a deal appears to have some momentum. The city's economic development arm just signed off on a master plan for the project put together by WRS Inc. It hopes to complete the acquisition of the property from the city by the end of the month.
The redevelopment of Underground Atlanta is a pivotal project for south downtown.
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