Saturday, May 14, 2011
ATLANTA, GA – Carter, one of the country’s leading commercial real estate service providers, investors and advisors, announced today it brokered the sale of 2651 Satellite Boulevard (top left photo) in Duluth. The 308,000-square-foot office building is leased by a Fortune 500 Corporation, whose international headquarters located in Atlanta.
Carter represented the seller, IMCC Satellite, LLC, in the sale of 2651 Satellite Boulevard. The buyer is BD 2651 Satellite Boulevard, LLC, an alternative asset management firm based in Chicago. The buyer paid $18.6 million in the all cash deal.
2651 Satellite Boulevard is net leased to the Fortune 500 Tenant on a long-term basis. The building, situated on 40 acres, is designated as part of the Mixed-Use Redevelopment Overlay District and is entitled for additional residential and commercial development.
Carter played several key roles in the transaction. In addition to representing the IMCC Satellite, LLC in the sale, Carter served as Receiver of the property when the Seller initiated foreclosure proceedings in January. Carter’s Property and Facility Management group took over management of the building early and helped stabilize it prior to the sale.
“This transaction exemplifies Carter’s strength as a full-service real estate firm,” said Gary Lee (middle right photo), Senior Vice President of Sales and Dispositions at Carter. “We filled the role of receiver, property manager and broker, and we were able to help our client sell the property quickly to a strong buyer.”
Lee marketed the building with fellow Carter associates Watson Bryant (lower left photo), Senior Financial Analyst and Morgan Stengel, Financial Analyst.
Carter’s property management expertise and experience in the property sale arena earned praise from the president of IMCC Satellite, LLC. With the transaction closed, Carter will continue to serve as property manager