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New York Investor Takes Back Buildings

Taconic, Axonic, Ardent Foreclose on 21-Building Portfolio from High Street Realty
May 16, 2018
The F-word is returning to metro Atlanta.

Taconic Capital Advisors, Axonic Capital and The Arden Cos. this month foreclosed on a 21-property portfolio with properties in two business parks in metro Atlanta owned by High Street Realty Co. of Boston. The business parks, Franklin Forest Business Park in Marietta and Northwoods Business Park in Norcross, comprise 878,971 square feet of flex space.

Taconic and partners Axonic Capital of New York and The Ardent Cos. of Atlanta were the lenders on a 2006 CMBS loan procured by High Street, which put up the flex buildings as collateral, according to CoStar research.

Foreclosures can signal a rough time ahead for real estate investors, but this one seems like an anomaly, given the strength of Atlanta's office and industrials markets and the fact it centered on a 12-year-old CMBS loan.

Taconic declined to comment through spokesman Edward Rowley. Neither Ardent nor Axonic returned requests for comment. High Street recently moved Franklin Forest and Northwoods from its Current Properties listings on its website to its Sold Properties page.

The value of the foreclosed properties is $41.4 million, or $47.10 a square foot, according to CoStar research. Technically, Taconic affiliate Atlanta Industrial Owner LLC paid $17.2 million for the six properties in Franklin Forest as part of the transaction, according to the real estate transfer tax declaration.

High Street acquired the Franklin Forest portion of the portfolio for $25 million in June 2006 and Northwoods at the same time, paying $46.7 million.

For more information on the foreclosure transaction, please see CoStar COMP #4254344.

Tony Wilbert, Atlanta Market Reporter  CoStar Group   
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