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DDA approves assignment and estoppel for Building 405 sale to Anvil affiliate
Summary
The Forest Park Downtown Development Authority approved an assignment and estoppel agreement enabling TA Realty to assign bond-related documents for Building 405 to a buyer affiliated with Link Logistics; board members flagged that closing and some bond documents remain under review by bond counsel.
The Forest Park Downtown Development Authority on July 24 approved an assignment and estoppel agreement allowing TA Realty to assign existing bond and lease documents for Building 405 to an affiliate of the buyer BAL 2070 Anvil Industrial, which the presenter said will be affiliated with Link Logistics.
The estoppel letter, according to the authority’s attorney, states that “as of the date of the signature, TA Realty is currently in compliance with the existing lease and all of the rental payments.” That verification, Metrocardi said, was confirmed with finance.
Why it matters: the action clears a transfer of the tax-abatement bond package tied to the multi-tenant distribution facility and clears the DDA to acknowledge the purchaser for purposes of the bond documents while other documents remain under review.
Attorney Metrocardi told the board the assignment covers “the bond lease and other bond documents in relation to the Building 405” and noted additional documents are “not before you today” because they are under review by bond counsel. Metrocardi said the sale’s scheduled closing has been pushed back “in light of some new requests from their lender.”
Board members discussed who the purchaser and occupants will be. Metrocardi identified the buyer as an affiliate of BAL 2070 Anvil Industrial and said Link Logistics will be involved; she added that existing tenants Kroger Companies, STD Logistics and Blatuca Atlanta will remain under their current leases with about four years remaining. Metrocardi said the purchaser intends to keep the property operating as a multi-tenant warehouse and will honor in-place leases.
Jacqueline Faith moved to approve the assignment and estoppel agreement; Trey Holland seconded. The roll call vote recorded Mayor Angeline Butler, Faith and Holland voting yes and Nancy Howard voting no. The motion passed.
What remains: Metrocardi and staff told the board that bond counsel is still reviewing additional closing documents and that the buyer’s lender had requested changes that delayed the closing. Metrocardi also said the board was not being asked to approve documents not presented at the meeting.
Board action: The DDA approved the assignment and estoppel agreement with the understanding that bond counsel would continue to review outstanding transaction documents and that the actual property closing had not yet occurred.
Ending: Board members and staff confirmed the vote and moved on to the next agenda items; staff later noted the buyer-representatives were present remotely and confirmed the transfer was proceeding through the purchaser’s channels.
