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Pacific Retail Takes Over Distressed Buckhead Office Tower
Pacific Retail Capital Partners took over Resurgens Plaza on East Paces Ferry Road in Buckhead. The Atlanta Business Chronicle reports an affiliate of Zeller relinquished the tower through a deed in lieu of foreclosure. Zeller had acquired the 27-story building in 2017 through a joint venture with Partners Global.
In 2020, Zeller received an $89.7 million loan for Resurgens Plaza from Aareal Capital Corp. Pacific Retail assumed the loan, which matured in November 2024.
The building occupancy rate is 78%. Built in the 1980’s, Resurgens Plaza has Regions Bank as a tenant. It’s right above a MARTA train station.
About 15 years ago, CWCapital Asset Management foreclosed on the tower after the previous owner was unable to restructure the loan. It was sold a few years later to Lone Star Funds.
- ◦Sale/Acquisition
