News:
Brokerage
Posted: May 7, 2019
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.
Tags:
Brokerage
MORE FROM Brokerage
Marcus & Millichap brokers $16.25 million sale of Ponce Bank flagship headquarters in the Bronx
Bronx, NY Marcus & Millichap negotiated the sale of a net-leased bank property occupied by Ponce Bank. The asset sold for $16.25 million. “This property drew tremendous interest as it was a
Columns and Thought Leadership
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,