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$21M Sale of Alpharetta Medical Office Building Staves Off Foreclosure
Royal Ridge, a 160,539-square-foot office building on 13.2 acres adjacent to Northside Hospital, has been purchased by Lockwood Development Partners for $21.1 million. The all-cash deal satisfies seller Richmond Honan LLC’s debt to mortgage holder RGA Reinsurance Co. and prevents foreclosure on the property..
Richmond Honan has had difficulty attracting tenants since acquiring the asset in 2021.
RGA Reinsurance Co. had previously scheduled the property for a foreclosure sale in October of last year. The sale was stopped by Richmond Honan’s bankruptcy filing that same month.
The six-story Royal Ridge Class A office building is located at 11680 Great Oaks Way in Alpharetta near GA 400 and North Pointe Parkway. It was developed with medical tenants in mind by Childress Klein Properties in 2001. The building was renovated in 2019 and features a fitness center and restaurant, shipping and receiving dock, showers and lockers.
- ◦Sale/Acquisition