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
AmTrustRE completes $211m acquisition of 260 Madison Ave.
Manhattan, NY AmTrustRE has completed the $211 million acquisition of 260 Madison Ave., a 22-story, 570,000 s/f office building. AmTrustRE was self-represented in the purchase. Darcy Stacom and William Herring
.jpg)
Quick Hits
Columns and Thought Leadership
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
.gif)