Coro Realty Acquires Two MLK Parking Garages Connected to Underground Atlanta
Atlanta (September 18, 2019) — Coro Realty has acquired two significant urban parking garages in Atlanta’s historic city center. The sale was brokered by Brandon Rogoff, Nicholas Ricardo and Steven Morgan of NKF Capital Markets. The acquisition loan was issued by John Hancock Life Insurance Company and coordinated by Ben Greazel of NKF Capital Markets.
The decks, MLK 75 and MLK 95, are on Martin Luther King Jr. Drive across the street from numerous government office buildings, including the Fulton County courthouse and the Georgia State Capitol complex. The parking decks are within walking distance of billions of dollars of planned development.
Coro intends to invest roughly $1 million in the garages, making improvements to the stairs, elevators, lighting, signage and parking equipment.
“Coro is uniquely positioned to own and operate urban parking. Our portfolio includes six decks in and around metro Atlanta and significant surface parking,” said Robert Fransen, President and Managing Partner, Coro Realty. “This is an excellent opportunity given the existing need for parking in Downtown Atlanta and exponentially so considering the trajectory of the submarket.”
Downtown Atlanta is one of the most dynamic and authentic urban environments in the Southeast. With 27,000 residents, 34,000 students and over 154,000 jobs, it is experiencing an increase in young, upwardly-mobile residents who are attracted to the area’s combination of work and play, popular entertainment venues, walkability and access to more than 100 acres of green space.
Over the last five years, Downtown Atlanta has seen $2.8 billion in investment across a variety of uses — residential, hospitality, retail and office. Another $6.4 billion worth of projects are either under construction or in the pipeline, totaling 8,000 housing units, 4,000 hotel rooms, and 14 million square feet of commercial space.
With direct access to Underground Atlanta, MLK 75 and MLK 95 were built in 1980 and cover about 1.6 acres. The decks contain approximately 1,254 parking spaces between the two buildings.
Coro Realty currently owns or co-owns parking garages in Downtown, Midtown, Buckhead, Decatur, Inman Park and Old Fourth Ward, which account for almost 4,000 parking spaces.
About Coro Realty
Coro Realty was founded in 1997 and is synonymous with intelligent real estate development and investment. With a commitment to smart growth, the urban landscape and innovation, Coro Realty continues to demonstrate its leadership in the market with the successful execution of quality investments. It provides investment, asset management, leasing and property management for a myriad of commercial and residential properties throughout the Southeastern United States. Coro Realty oversees approximately 50 properties valued in excess of a billion dollars. For more information, visit cororealty.com.
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