IG3 Real Estate Acquires Duluth Office Complex for $13.5 Million

9/7/17

Miami company has invested over $100 million in Greater Atlanta market in past two years

IG3 Real Estate has announced the acquisition of the Sugarloaf Business Center in Duluth, Ga. for $13.5 million. Following the purchase the 113,016-square-foot office complex, the Miami-based real estate investment and asset management company has invested in Georgia commercial real estate assets totaling more than $100 million in value over the past two years.

Located on nearly 14 acres at 1845-1855 Satellite Boulevard, the Sugarloaf Business Center comprises two single-story office buildings constructed in 1999 and 2001. The center is 98 percent occupied under triple net (or NNN) leases. Major tenants include Credit Union Service Corp., Emory Clinic, Hire Dynamics, United HealthCare Services, Inc. and USASF Servicing.

IG3, which is led by the Imery family and specializes in the acquisition, development and management of office and retail assets, closed on the Sugerloaf purchase on Aug. 25. The company obtained an $8.4 million loan from MidFirst Bank. Mariano Perez of Grandbridge Real Estate Capital arranged the financing and the equity was procured directly by IG3 from high-net-worth individuals.

“Sugarloaf offered a rare opportunity to acquire a stabilized office property positioned between two major highways in an incredibly strong market,” said IG3 Principal Carlos Imery. “As our recent commercial real estate activity shows, we are bullish on Greater Atlanta and continue to seek strategic investments in the area.”

Islandia Sugarwood, LLC of Westlake Village, Calif. sold the complex to IG3. CBRE First Vice President Tony Swann and Senior Vice President Craig Taylor represented Islandia in the deal.

The Sugarloaf property is located along I-85 with easy access to Sugarloaf Parkway, Atlanta’s vast interstate system, thousands of upscale homes and nearby country clubs. That, along with the buildings’ open floor plans and proximity to many retail, dining, entertainment and recreational facilities, makes Sugarloaf one of the most desirable office locations in the Northeast submarket.

For IG3, the Sugarloaf acquisition expands its strong foothold in the Greater Atlanta market. Other recent investments in the area include:

·         Enterprise Mill, a Class A, mixed-use property with a gross square footage of approximately 250,000 square feet in Augusta

·         Waverly Station, a 329-unit multifamily complex located in Savannah

·         Weatherstone Promenade, a 17,354 net leasable square-foot retail center in Woodstock

For more information about IG3 and its real estate portfolio, visit www.ig3realestate.com. 

About IG3 Real Estate Group

IG3 Real Estate is a real estate investment, development and asset management company run by deeply experienced real estate professionals. Founded as a family investment business, IG3 has grown into a well-established, vertically integrated real estate company. It acquires, develops and improves high-quality properties based on realistic value projections and sound fundamentals using their own capital, with joint venture partners, and/or as a third-party asset manager. IG3 also manages funds for numerous private investors. The company specializes in office and retail properties located in targeted submarkets throughout the Mid-Atlantic and Southeast regions.

Principal Carlos Imery can be reached at (561) 212-8331 or cimery@ig3realestate.com. IG3 is headquartered at 201 Alhambra Circle, Suite 1205, Coral Gables, FL 33134.

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