WASHINGTON, D.C. (November 3, 2016) -- Northridge Capital, LLC, the independent commercial real estate and asset management firm, closed on its purchase of the Realty Building, a $7.9 million investment in an iconic office building in historic Downtown Savannah, Georgia. Northridge acquired the asset on behalf of one of its off-shore investors.
Sitting 10 stories tall, the Realty Building is one of the tallest in Savannah, offering 360 degree views of the City. As one of the most prominent office buildings downtown, the building has achieved 96.98% occupancy to a diverse mix of 18 tenants. Some of the building’s most historic and iconic features have been well preserved; the building boasts original marble floors, mahogany doors with brass accents, and a vast, 2-story foyer with tall glass walls and unique molding reflective of traditional art deco, a popular architectural style in the mid-twentieth century. Northridge immediately undertook a complete elevator modernization which should be completed by the fourth quarter 2016. The Realty Building occupies a prime location off Drayton Street, nestled between Johnson Square and Reynold’s Square at the heart of Savanah’s Central Business District. Dining, entertainment, music, art museums, and shopping are all within a one-mile radius from the building.
“This exciting acquisition illustrates our commitment to investing in high quality assets in urban in-fill locations. We are excited to build off this momentum and look to pursue additional investments for investors that are strategically located in urban markets like Savannah that are in the midst of tremendous growth,” said David W. Jackson, President of Northridge Capital.
Northridge Capital acquired the Realty Building from SCGII-Drayton, LLC in December 2015. Ashley Smith from Colliers International brokered the sale. Colliers was retained by Northridge post-sale and currently acts as the Building Property Manager and Marketing and Leasing team. An additional $4.79 million in mortgage-backed financing from The Bancorp Bank was secured by Northridge for this investment opportunity.
About Northridge Capital
Northridge Capital, LLC, is an independent real estate asset management firm that has invested in more than 40 assets on behalf of investors, with a combined acquisition value of approximately $800 million. Based in Washington, D.C., the company focuses on generating superior risk-adjusted returns for international high net-worth individuals and institutions. It acquires, manages and sells real estate assets across a wide variety of property types and geographic areas.