Puritan Mill, Atlanta
The real estate manager announced two new acquisitions in the Diversified Real Estate fund, a Growth 2017 investment:
Keystone 100
Keystone 100 is a class A, 62,000-square foot, office building in Durham, North Carolina. It’s located within the Raleigh-Durham market and benefits from close proximity to Research Triangle Park, one of the largest research parks in the world, and exceptional connectivity to major highways. There is a major mixed-use project under construction directly across the street, expected to deliver later this year, which will provide convenient walk-ability to retail amenities.
The building is currently 77% leased and renovations are planned for the lobbies, corridors and common areas to drive leasing velocity and increase occupancy to current market levels of 93%.
Puritan Mill (pictured)
Puritan Mill is a recapitalization opportunity of an existing 83,000 SF, two-building creative loft office asset located in the West Midtown submarket of Atlanta. The property contains an adjacent 1.9 acre parcel that is improved with a 30,000 SF corrugated metal building that will be converted in to a Phase II creative office asset and will increase the overall portfolio size to 113,000 SF. Currently 100% leased to 14 tenants, this unique office environment is located in the vibrant and highly amenitized West Midtown submarket, proximate to a host of demand drivers including Georgia Tech, a bourgeoning restaurant and nightlife scene, the Belt Line, etc. A substantial market-to-market opportunity exists as in-place rents are nearly 30% below market.
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