ACG Equities Acquires Vinings Main Development in Atlanta for $24 Million

ACG Equities, Inc., purchased the Vinings Main mixed used commercial and residential condominium development in Atlanta for $24 million. The acquisition is the first allocation from ACG Equities' $150 million, Midwest-based private equity fund.

Rosemont, Ill., Jul 28, 2010 — ACG Equities, Inc., today said it made a 100 percent equity purchase of the Vinings Main mixed used commercial and residential condominium development in Atlanta for $24 million. The acquisition represents the first allocation from ACG Equities' $150 million, Midwest-based private equity fund.

Officials at ACG Equities said the purchase, which closed at the end of June, is its first in a planned series of acquisitions in recovering markets.

"Going forward we would not only like to acquire for sale residential property but value-oriented income-producing developments as well. Each of our principals has specific expertise in office, apartment, industrial as well as condominium product" said David Lang, ACG Equities Principal and Managing Director of the company's Atlanta office.

The company's sister firm, ACG Management, will provide an asset- and property-management service platform for Vinings Main and other projects the ACG Equities' fund acquires.

"Vinings Main perfectly fits our investment strategy of acquiring well located, in-fill, Class A properties in recovering markets," said Lang. "This transaction enabled us to reset prices for a significant inventory of high-end condominiums; generating sales momentum for this popular Vinings area development."

Built at a cost of $57 million and opened in 2008, Vinings Main was taken into foreclosure last December by its 23 lenders, after having sold only three of its 148 residential condominiums.

The Vinings Main project, located just inside the perimeter on Paces Ferry Rd. northwest of Atlanta, also includes 34,000 sq. ft. of office condominium space, 17,000 sq. ft. of retail space and a 461-space parking deck. Its highest profile retail tenant is the Social Vinings restaurant, owned and operated by Paul Albrecht's Great Food Group, Inc. In addition to Vinings Main, Great Food Group also owns and operates Paul's and The Hamburger Club, both in Atlanta.

The Vinings neighborhood is a historic area characterized by high-end, high-density residential product, Class A office buildings, distinctive restaurants and national brand retail merchants, all conveniently located five miles northwest of downtown Atlanta.

About ACG Equities
ACG Equities, Inc., based in Rosemont, Ill., operates as a sponsor/operator specializing in value added commercial property acquisitions/dispositions for its private investors and equity funds. In addition to its Chicago area headquarters, the company operates from offices in the Atlanta, Denver and Minneapolis markets, and soon expects to open a Washington, DC, area office.

In collaboration with its sister company, ACG Management Company (www.ACGManagement.com), ACG Equities also provides a property- and asset-management services platform, including property accounting and financial reporting, facilities management, financial analysis, lending and valuation services, sales and marketing, and construction management. The company also has extensive experience in providing receivership services.

The executive team at ACG Equities and ACG Management includes experienced operators, asset, property and facilities managers, as well as a licensed attorney, architect, real estate brokers and construction contractor. ACG's senior staff has experience in the field dating back to the late-1980s savings-and-loan crisis, including dealings with the Resolution Trust Corporation that was formed to deal with the aftermath of the failed savings-and-loan industry.