Biscayne Atlantic Sells Gwinnett Commerce Center

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The 213,600 Square Foot, 10-Story, Class-A Office Building Sold for $26,750,000

Biscayne Atlantic, a South Florida based real estate investment group, has sold the Gwinnett Commerce Center, a 213,600 square foot, 10-story, Class-A office building located in metro Atlanta, for $26,750,000. Biscayne Atlantic purchased the Gwinnett Commerce Center in July 2013 for $20 million and invested approximately $1 million in capital improvements to upgrade the building mechanicals and modernize the lobby and common areas. During Biscayne's ownership of the property, occupancy increased from 73 percent to 85 percent and NOI jumped by 25%. Some of the featured tenants in the building include The College Board, Mutual of Omaha, Department of Veteran Affairs, Penske Truck Leasing, Faith & Freedom Coalition, Federal Energy Regulatory Commission and Travelsky. The name of the buyer was undisclosed.

With offices in Atlanta and South Florida, Biscayne Atlantic is a private real estate investment company focused primarily on the acquisition, renovation and management of value-add and income producing properties with an emphasis on urban infill locations in the Southeastern U.S. The partners of Biscayne Atlantic have successfully executed on over $1.5 billion in real estate transactions.

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Craig Sternberg
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