Alex. Brown Realty, Inc. and Precision Associates Partner on Fourth Real Estate Venture
Joint venture acquires 127,221 square foot office project in Atlanta, Georgia
Contact: Peter Bancroft
Baltimore, MD (September 27, 2006) – Alex. Brown Realty, Inc. (ABR), a national real estate investment company, has entered into a joint venture with Precision Associates. The joint venture acquired Roswell Summit, a 127,221 square foot office project in Atlanta, Georgia. Roswell Summit is located at 1080 Holcomb Bridge Road in Atlanta’s North Fulton submarket, adjacent to Georgia Highway 400, a major north-south artery in the Atlanta metropolitan area. ABR provided equity financing of $4.2 million to the venture.
The project, constructed in the mid 1980s on ten acres, consists of two, three-story office buildings, each approximately 63,500 square feet in size. The tenant mix is well diversified, with no tenant occupying more than 10% of the space.
“We’re pleased to expand our presence in the Atlanta office market,” commented Peter Bancroft, ABR’s senior vice president. “Atlanta is projected to be the country’s third largest job generator over the next decade, -- adding more than 250,000 jobs between 2005 and 2010 alone. With strong job growth and limited new office construction coming on line, we expect to see solid tenant demand in the Atlanta office market.”
Roswell Summit is ABR’s fourth joint venture with the Atlanta-based Precision Associates. “Roswell Summit exemplifies our investment strategy,” commented John Prugh, ABR’s president and CEO. “For more than 30 years, our strategy has been to develop a strong network of local operators who understand their market and provide a consistent source of deal flow. We’re pleased to do business once again with Precision Associates.”
Alex. Brown Realty, Inc. (ABR) is a privately owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types throughout the United States. www.abrealty.com
Precision Associates is an opportunistic real estate investment firm focused on commercial properties in the Atlanta metropolitan area. With over 20 years of diverse experience in the industry, Precision and its principal, George Kalnin, have expertise in the underwriting, financing, management, and brokerage of investments in a wide array of asset classes.