1958 Monroe Drive NE
1958 Monroe Drive Northeast, Atlanta, GA, 30324, US
1,932 m²
Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis by the Seller, a regional bank, to arrange the sale of a $37.2 million first-mortgage loan (the “Loan”). The Loan is secured by a first-lien Deed of Trust on the fee-simple interest in a Class-A office park located in Alpharetta, Georgia (the “Collateral” or “Property”). The Loan was originated in April 2019 to facilitate the acquisition of the Property.
The Property comprises two buildings totaling 252,960 NRA of Class-A office space located in the North Fulton submarket which was 72.8% leased as of May 31, 2024. With efficient floor plates, outdoor terraces, and a direct connection to a park, the Property is fully modernized and amenitized to match the needs of the flourishing submarket.
Flight to Quality
The Property has been totally revamped by the previous and current owner, benefiting from significant capital improvements. This focused primarily on exterior improvements, common areas, and integrating the buildings into a park-like setting. At 72.8% occupancy (as of May 2024), the remaining space is well positioned for investors to significantly boost cash flow through continued leasing.
Powerful Submarket Momentum
Alpharetta has emerged as a dominant suburb of Atlanta. It has gained recognition as a technology hub and seen consistent job growth from major employers like Verizon, Microsoft, and Fiserv. This growth is also fueled by major infrastructure investments like the GA 400 express lanes and expansion of public transit.
Tremendous Access
The Property enjoys seamless access to the GA 400, North Point Parkway, and Old Alabama connector, allowing efficient commutes from the neighborhoods across Alpharetta, Roswell, and Johns Creek. Future ownership will also benefit from the proximity to the densifying urban/suburban Alpharetta retail node, including Avalon and the North Point Mall.
Attractive Basis
At $37,178,296 in total unpaid principal balance, the Loan basis is at an attractive discount to replacement cost and the Borrower’s acquisition basis in 2019.