Exited - Flex, Office
The out-of-state bank that owned this foreclosed multi-building property had made an arrangement to sell to private investors. When that deal fell through, the broker asked EpiCity to step in. Eager to seize the opportunity, EpiCity leaders acted quickly. While the main tenant, UPS, occupied 50% of the space with only 2 years remaining on the lease, EpiCity felt confident that the risk was acceptable given the potential of the investment.
During negotiations, the bank insisted on no liability after the sale. EpiCity agreed, and added a clause stating that any beneficial after-sale revelations would remain with EpiCity as well. This turned out to be a very wise move as, after acquisition, it was discovered that one tenant owed approximately $18,000 in back rents and EpiCity was able to collect.
After renovating and rehabilitating the asset, UPS signed another 2-year lease. Because of EpiCity’s efforts, the property became fully occupied once again. At that time, Cobb County Transit was formed and the location was designated for the bus depot. EpiCity sold the asset under threat of 1033 condemnation, which provided an extremely tax-favorable and profitable exchange.
Property Address: 463 Commerce Park Drive, Marietta, GA 30060
- CoStar Submarket: East Cobb