Korea Post Buys Midtown I & II in Atlanta

CBRE Global Investors' U.S. Managed Accounts Group announced that it has acquired Midtown I & II in Midtown Atlanta on behalf of Korea Post, the national postal service of South Korea. Terms of the deal were not disclosed, but the property did previously sell for $225 million in 2013 when Cole Real Estate Investments teamed with Macfarlan Capital Partners to acquire the complex from KanAm Grundinvest Fonds (who had purchased the complex at the market's peak in 2007 for $242 million).

"Our investors are increasingly looking for global diversification," said Peter DiCorpo, President, CBRE Global Investors' U.S. Managed Accounts Group. "We can offer the on-the-ground experts in their target investment markets as well as in their home country to provide a seamless solution for migrating capital across borders."

Midtown I & II is a 794,110 square foot, Class A, state-of-the-art corporate campus situated in the heart of the Midtown submarket of Atlanta, across I-85 from the campus of University of Georgia Tech. The 16-story and 8-story buildings are 100% leased to AT&T and were originally constructed at build-to-suits for Southwestern Bell in 2001 and 2002. The property also includes a nine-story 2,459-space parking garage, which is also home to 13,257 square feet of ground floor retail space, as well as AT&T's 5,000 square foot Drive Studio. The Drive Studio is a platform which allows automakers to add and test connected services, such as in-car entertainment systems, over-the-air diagnostic systems, and other innovative cellular-enabled features.

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SunTrust Building at 777 Brickell Sold for $140M

A private South American group picked up the SunTrust Bank building at 777 Brickell Avenue in Miami, Florida this month for $140 million, or $238 per square foot. In a deal brokered by CBRE, CBRE represented the seller, Brickell Office Plaza (whose managing member is Peter Dicorpo of CBRE Global Investors), in the deal. Terms or the name of the buyer were not disclosed, according to a South Florida Business Journal article.

"Miami continues to draw significant capital from intelligent, well-informed investors," said CBRE Vice Chairman Christian Lee in a statement. "777 Brickell, one of only four waterfront sites on Brickell Avenue, is just the latest example of that."

"The unprecedented growth and transformation of the CBD along with the world-class location of the property provide a tremendous upside opportunity for new ownership through the operation of the institutional-quality office building as well as potential future redevelopment," added CBRE Vice President Amy Julian.

Built in 1980, the 13-story office tower with 288,485 square feet and an adjacent 5-story parking structure previously sold for $44.5 million, when Brickell Office Plaza purchased it in 2002, according to Miami-Dade County property records. the building was 93% leased at the time of sale with major tenants including CBRE, SunTrust, UBS, Banco de Brasil, Truluck's, BlackRock and International Paper.

For more news and information visit Blumberg Capital Partners.