Biscayne Atlantic Sells Gwinnett Commerce Center
Staff Report From Metro Atlanta CEO
Wednesday, December 14th, 2016
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.