(Atlanta, GA) - April 19, 2007
Eola Capital, a privately-held real estate investment firm that owns, operates and manages office buildings throughout the Southeastern United States, has today announced the recent acquisition of 655 Engineering Drive, a 74,000 sq. ft. office building in Peachtree Corners. The property is a Class A office building built in 1992 that currently has a 93 percent occupancy.
"This was an opportunity to buy a well-located asset at a discount to replacement cost with income growth left on the rent roll," said Jim Heistand, Eola Capital's Chief Executive Officer. "Peachtree Corners is a market of declining vacancy and rising rental rates, and this is a quality asset that is poised to enjoy the upswing that has already begun there."
The purchase of 655 Engineering Drive was capitalized by a joint venture raised and managed by the principals of Eola Capital.
Based in Orlando with offices in Atlanta, Tampa, Jacksonville, Fort Lauderdale, Tallahassee and Charlotte, the mission of Eola Capital is to acquire real estate investments that achieve above average, risk-adjusted returns for its investment partners. Additional information is available at www.EolaCapital.com.