Commerce Plaza is a nine-story, 90,735 SF office property located in downtown Decatur, a highly walkable and well-trafficked submarket of Atlanta. The building benefits from its close proximity to the downtown area as well as easy access to nearby highways and interstates.

The property had been mismanaged by an absentee seller, resulting in low occupancy uncharacteristic of the submarket. At purchase the building was 59% occupied with a mix of conventional office and medical tenants.

RGRE closed on the property in late 2018 at a purchase price of $8.1M and a total cost basis of $12.3M. RGRE leadership knew that the location would be highly desirable to medical users, and conducted a substantial renovation of the common areas and bathrooms on each floor to better cater to this tenant sector.

Despite the leasing challenges presented by COVID-19, RGRE increased the occupancy from 59% to 91%, and increased medical tenancy from 33% of NRA to 77% of NRA. Top tenants now include CenExcel Research, Heartland Dental, and Serenity Mental Health Centers.