Vision Properties has refinanced Wildwood Center, a 692,707-square-foot office building in Atlanta. Franklin BSP Realty Trust provided the $65 million, 5-year loan, CommercialEdge data shows, in one of the largest recapitalizations in the metro so far this quarter.
Vision had acquired the 11-story asset in August 2013 for $97.5 million, financing the purchase with a $30 million bridge loan from Wells Fargo Bank, according to the same source. That same month, the property became subject to a $73.1 million CMBS loan from Deutsche Bank, also originated by Wells Fargo.
The recently renovated Wildwood Center
The 1987-completed building has floorplates averaging 66,100 square feet, 11,000 square feet of retail space and more than 2,100 parking spaces. Vision is also adding 25,000 square feet of speculative suites on the top floor, which are scheduled for completion later this year. Other amenities include a new, 30,000-square-foot fitness center and bike storage.
In fact, the owner has implemented multiple capex programs over the past decade to revamp the Class A property. Upgrades feature a new tenant lounge, an 8,000-square-foot conference center, a café and collaborative seating in the main atrium and outdoor seating areas.
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Tenants at the LEED-certified building include FSC Securities Corp., Freddie Mac and Ameriprise Financial, according to CommercialEdge information. The owner recently secured almost 263,000 square feet in new leases and renewals at the property, with JLL Executive Vice Presidents David Horne and Glenn Aspinwall, along with Vice President Alexis Easterling, spearheading the leasing efforts.
Located on 12 acres at 2300 Windy Ridge Parkway SE, in the Northwest submarket, Wildwood Center is 15 miles from downtown Atlanta. Hartsfield-Jackson Atlanta International Airport is 24 miles south, while Galleria 600, an office property where General Electric Co.’s planned spinoff signed a 77,000-square-foot lease, is less than 2 miles away.
Leasing activity continues to rise across Greater Atlanta, according to a recent CommercialEdge report. The metro’s vacancy rate clocked in at 17.1 percent as of February, down 330 basis points over the year and 80 basis points below the national average of 17.9 percent.
