Franklin Street Unloads Atlanta’s Pershing Park Plaza
Franklin Street Properties Corp. REIT sold Pershing Park Plaza for $34 million, a loss of more than $11 million. In 2016, Franklin Street bought the 160,000-square-foot building for $45.5 million. 28th Street Ventures was the buyer. The nine-story building at 1420 Peachtree Street is where Peachtree and West Peachtree streets meet.
Franklin Street announced the sale in its third-quarter earnings report, saying since December 2020 the company said it has sold select office properties to pay down debt. It allocated $27.4 million from the Pershing Park sale to repay debt.
In it’s quarterly report, Franklin’s George Carter said, ” Our directly-owned real estate portfolio of 15 owned properties, totaling approximately 5.0 million square feet, was approximately 70.4% leased as of September 30, 2024, compared to approximately 74.0% leased as of December 31, 2023. The decrease in the leased percentage is primarily a result of two property dispositions and lease expirations during the nine months ended September 30, 2024.”
The post Franklin Street Unloads Atlanta’s Pershing Park Plaza appeared first on Connect CRE.
Franklin Street Properties Corp. REIT sold Pershing Park Plaza for $34 million, a loss of more than $11 million. In 2016, Franklin Street bought the 160,000-square-foot building for $45.5 million. 28th Street Ventures was the buyer. The nine-story building at 1420 Peachtree Street is where Peachtree and West Peachtree streets meet. Franklin Street announced the …
The post Franklin Street Unloads Atlanta’s Pershing Park Plaza appeared first on Connect CRE. Read MoreAtlanta Commercial Real Estate News
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