ATLANTA (Dec. 17, 2014) - A New England alternative investment and asset management firm is making a decent-sized bet on downtown Atlanta. Five Mile Capital Partners LLC of Stamford, Connecticut, just acquired 100 Peachtree. the iconic downtown Atlanta office tower formerly known as The Equitable Building.
Five Mile Capital bought the black 32-officer tower across from Woodruff Park from America's Capital Realty. ACP of South Florida, which bought the building in 2012 and completed a major overhaul of it, announced the sale late yesterday.
“As with all our acquisitions, basis was a major factor,” Jude Williams, ACP’s president, told Commercial Property Executive. “We paid only $19 million for a 622,000-square-foot building and three large parking decks. We also saw where the two owners before us failed due to their inability to reposition the property and at our low basis had the ability to justify a $17 million comprehensive renovation program.”
A Five Mile Capital subsidiary - Cayman Hotel Holdings Ltd. - owns one of my favorite properties - The Ritz-Carlton, Grand Cayman, on Seven Mile Beach. It's pictured above.
In February, Five Mile Capital Managing Member James D. Glasgow Jr., will be a speaker at the Cayman Alternative Invesment Summit (CAIS), which will be held at the Ritz-Carlton. Dart Enterprises is a key sponsor of CAIS, which features several of the top minds in alternative investments and finance.