Holcomb Woods

CCP Commercial Real Estate, along with a joint venture partner, purchased an institutional-grade single-story office portfolio in Atlanta, GA, in late 2021 with internal funding. Holcomb Woods is a four-building portfolio located in the North Fulton submarket, one of the last pockets of value within the greater Atlanta market, which has experienced tremendous growth over the previous year. The portfolio was purchased at a significant discount to the current replacement cost (+/-$48,875,000 or $200+/SF). Holcomb Woods, now 91% leased, was purchased for $33,000,000, with a current “As-stabilized” value of $39,900,000 (21% higher than our purchase price). Additionally, we were able to secure a 3.77% fixed interest rate for the property loan. Given the recent rise in interest rates, new loans for this product type are priced above 5.5%. 

Since our original acquisition in late 2021, the majority of all capital improvements have been completed, and we have renewed all leases that expired within the first 18 months of our hold period. The deal has largely been de “risked” for investors who come in today versus our original acquisition date. Additionally, the market has vastly improved, as noted in our Commercial Real Estate Outlook contained within the offering memorandum.