Alta Properties Offloads Atlanta Office for $27M
- Oct 31, 2018
Alta Properties has sold Crescent Centre, a 247,296-square-foot Class A office asset near Atlanta, to Faropoint for $27.4 million. Capital Bank provided the new owner with a five-year, $18 million acquisition mortgage, according to Yardi Matrix.
Faropoint has selected Avison Young to manage the property, and additionally retained the firm’s Kirk Rich and Jillian Bailey to oversee leasing operations.
Located at 100 Crescent Centre Parkway in Tucker, Ga., the building rises eight stories just outside The Perimeter, 13 miles from downtown Atlanta. The asset is positioned next to a Kaiser Permanente hospital and adjacent to an extended-stay Studio 6 motel.
“The Crescent Centre building is located in one of Atlanta’s up-and-coming office districts and offers tenants easy access to Interstate 285 as well as 51 restaurants, 28 retailers and 15 hotels within 1 mile,” said Rich, principal with Avison Young, in a prepared statement.
The office building, constructed in 1985 and renovated in 2006, is home to a mixed tenant base, including Gypsum Management and Supply, Hewlett Packard and Apogee Interactive. The property has a vacancy rate of 12.1 percent, according to Yardi Matrix. Tenant amenities include a fitness center, a conference center, 2,900 square feet of retail space and a parking structure.
In July, Parmenter Realty Partners tapped Avison Young to manage and lease a nearly 210,000-square-foot office property in the city’s Central Perimeter submarket.
Image courtesy of Avison Young