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Rubenstein JV buys $187M mixed-used complex from Columbia Property

Rubenstein Partners and Monarch Alternative Capital have formed a joint venture that has purchased the Lindbergh Center, a one million s/f mixed-use property in Atlanta for $187 million.

The Class-A complex is built over Lindbergh Station, one of the busiest connections on Atlanta’s MARTA rapid rail system and is also adjacent to the MARTA headquarters building.

TAYLOR SMITH

Mack Real Estate Credit Strategies provided first mortgage debt financing for the transaction.

The Lindbergh Center development is comprised of twin 14-story office buildings and is located at Piedmont Road and Lindbergh Drive within Atlanta’s thriving Buckhead submarket.

The property is fully leased to AT&T until December 31, 2020 and is also part of Lindbergh City Center, a 47-acre live/work/play development that includes numerous residential and retail offerings.

Rubenstein and Monarch intend to implement a capital investment program at Lindbergh Center that will enhance the overall amenities at the property and re-create the neighborhood-friendly, mixed-use environment at the heart of Atlanta’s transportation network that the developers originally envisioned.

“We’re thrilled to acquire Lindbergh Center, an exceptional mixed-use asset located adjacent to some of the best communities in Atlanta,” said Taylor Smith, Rubenstein Partners.

“This represents another excellent value-add investment addition to the Rubenstein portfolio, and we intend to enhance the property through an extensive capital improvement program. Once complete, we believe the office environment will be one of the most compelling in Atlanta, having an unmatched retail amenity base centrally located between Buckhead and Midtown.

“We intend to breathe new life into Lindbergh by adding new retailers, infusing the district with art and vibrant design elements and re-opening Lindbergh’s connection with the surrounding neighborhoods through improvement of the existing green spaces and event programming.”

A Cushman & Wakefield team led by Stewart Calhoun, David Meline and Samir Idris in Atlanta, along with Adam Spies of Cushman & Wakefield’s New York City office, represented the seller, Columbia Property Trust, in the sale transaction.

Mike Ryan, Brian Linnihan, and Richard Henry of Cushman & Wakefield’s Equity, Debt & Structured Finance team secured a floating rate loan from MRECS, structured with significant future funding for renovations, repositioning capital, tenant improvements and leasing commissions.

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