CORFAC News

Alan Joel, CCIM, and Dan Granot, SIOR, Principals at Joel & Granot Real Estate/CORFAC International (JGRE) today announced they represented 550 Buckhead in the $20 million disposition of a Buckhead Atlanta iconic office building. 

The office building located at 550 Pharr Road in Atlanta, is near the northwest corner of Pharr Road and Piedmont Road in the heart of the Buckhead corridor. “Pharr Road has been the step child of Buckhead for over 40 years,” said JGRE Principal Alan Joel, CCIM. “We bought the building empty in late 2013 knowing that this corridor was ready for significant improvements.” 

Currently, over a dozen newly completed or under construction projects are situated in this corridor, including the Buckhead Village Project on Pharr Rd. and Peachtree. “The building was empty so it took a lot of faith from our local investors and our mezzanine partner Rainier (Dallas, TX), and a little help from a rising market. Anytime you buy an empty building with new partners there is a certain amount of consternation and stress right after you buy it,” Joel said.  

The property buyer, Stone Street Capital based in Charlotte, N.C., is an investment advisory company that operates in a variety of markets and across a broad spectrum of investment disciplines.