A real estate investment partnership has gone bargain shopping in downtown Atlanta.
Fairlead Commercial Real Estate LLC and The Creations Group acquired the 30-story 34 Peachtree tower, after buying the loan for $11.8 million, or $39 a foot.
It foreclosed on the building September 3. Cushman & Wakefield represented special servicer Midland Loan Services. Hays Financial Consulting LLC Hays was the receiver for the property.
Fairlead and Creations Group bought the tower for less than half of what its previous owner paid.
In 2005, an affiliate of Norfolk, Va.-based Harbor Group International LLC purchased 34 Peachtree for $28 million, marking its first acquisition in Atlanta, though it had been building a portfolio of central business district properties in Baltimore, Cleveland, and Jacksonville, Fla., among other cities.
Timing was its biggest enemy.