Northridge Capital announced that it has closed on the purchase of the Realty Building in historic Downtown Savannah, Georgia. Northridge acquired the $7.9 million office building on behalf of one of its off-shore investors. Trading for just over $142 per sqf, the asset is located at 24 Drayton Street. Standing 10 stories tall, the building was 97 percent leased at the time of the transaction. Northridge has undertaken a complete elevator modernization which is slated for completion by the fourth quarter of 2016. The Realty Building occupies a prime location off Drayton Street, nestled between Johnson Square and Reynold’s Square at the heart of Savannah’s Central Business District. The deal was completed with a $4.79 million mortgage provided by The Bankcorp Bank.
