Outside the Region: Gorjian Acquisitions buys SunTrust Building

Salisbury, NC Joel Gorjian, a national real estate investor and president and CEO of Gorjian Acquisitions, has purchased the SunTrust Building, a multi-tenant office property located at 507 West Innes St. The seller was a privately owned real estate investment firm based in Atlanta. 

The deal was valued in excess of $1 million and closed in 30 days–one month ahead of the anticipated closing date–thanks to Gorjian’s experience in office property acquisitions.

This latest purchase brings Gorjian Acquisitions’ national ownership interest portfolio to 62 properties totaling seven million s/f. 

The firm has acquired 25 properties across the United States in the last 18 months and is currently pursuing additional opportunities in the Southeast, Southwest, Midwest, and Northeast.

The 85% occupied property was an acquisition target due to its current leases rolling over within the next three years and the SunTrust Bank serving as the anchor tenant, leasing 33.5% of the building. 

The two-story, 22,000 s/f SunTrust Building is situated on a 2.07-acre lot. The property is located near Interstate Highway 85 and all historic and business destinations in downtown Salisbury. In addition to SunTrust Bank, the property is popular with professional services, financial, consulting, healthcare, and non-profit tenants.