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Sage Equities, Anchor Partners Pair to Purchase Live Oak Square in Buckhead

New Ownership Team Hires JLL to Lease, Manage its Newest Property
January 2, 2018
A joint venture between Sage Equities of Toronto and Anchor Capital Partners is adding a second Buckhead building to its Atlanta office collection.

The venture, ATPS Realty Partners of Atlanta, closed last week on its acquisition of Live Oak Square near the high-profile intersection of Peachtree and Lenox roads across from Lenox Square mall.

ATPS acquired the 10-story, 201,488-square-foot office building for slightly less than $50.1 million, or approximately $252 per square foot, from HighBrook Investors, a New York-based private equity firm. Anchor Capital is headed by Hugh Pafford, who worked a dozen years at Colliers International.

The CBRE team of Will Yowell, Justin Parsonnet, Jay O'Meara and Ryan Reethof marketed the asset on behalf of HighBrook. "We received a great response to the offering, with significant investor interest from all types of capital sources, domestic and off shore," Yowell tells CoStar News.

HighBrook acquired ownership in 2014 when it bought the note secured by Live Oak Square from Sovereign Capital. In a transaction valued at $22.8 million, Sovereign of Santa Ana, CA, retained a subordinate interest in the property, according to CoStar Research.

Located at 3475 Lenox Rd., Live Oak Square is 73.5% leased and has 53,442 square feet of space available. The building bears the name of a large tenant, the Atlanta/Buckhead campus of the University of Georgia's Terry College of Business. Live Oak Square's restaurant, The Bucket Shop, is the preferred bar and restaurant of the Atlanta Auburn Club, which gathers there in the fall to watch Tigers football.

Live Oak Square's average asking rent is $32.34 per square foot per year. Sage and Anchor have hired the JLL team of Kevin Lott and Claire Ross to market and lease Live Oak Square. JLL Senior General Manager Stacy Goldworn will oversee the management team.

"Several upgrades and improvements were recently completed at Live Oak Square," Lott said. "We're in the process of renovating a handful of vacant spaces to enhance appeal to tech companies and creative firms. The building location is hard to beat."

The Sage/Anchor partnership also owns 550 Pharr, a nine-story, 108,333-square-foot office building near Piedmont and Pharr roads the venture acquired in July for $20 million, or $185 per square foot. Lott and Ross will also handle leasing at 550 Pharr, with Goldworn overseeing its management.

For more information on Sage/Anchor's purchase of Live Oak Square, please see CoStar COMP #4095773.

Tony Wilbert, Atlanta Market Reporter  CoStar Group   
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