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Insignia Snags Distressed Atlanta Office Asset
Insignia has acquired Parkside Terraces, a 20-acre Alpharetta office campus that sold for much less than the previous owner paid for it.
The Atlanta Business Chronicle reports Insignia took title to the property for $15 million through a deed in lieu of foreclosure. That was almost 70% less than the previous owner paid for the property about six years ago. Insignia secured a $10 million loan from White Oak Assets LLC for the transaction.
Parkside Terraces’ previous owner, Ravinia Capital Group, bought the property for $48.1 million in April 2019. Ravinia had secured a $39.2 million loan from Citizens Bank National Association, which matured in May 2024.
Parkside Terraces is on Mansell Road, not far from North Point Mall. It includes 127,000-square-foot and 156,000-square-foot buildings and is about 80% leased.
Similarly, Insignia acquired the Embassy Row in Sandy Springs for $34 million in late 2023 through a deed in lieu of foreclosure. A bank loan attached to the property at time of sale was for $60 million.
- ◦Sale/Acquisition
- ◦Economy
