APG Acquires $22M Atlanta Office Park
- Dec 15, 2017
Atlanta Property Group has acquired Shadowood Office Park in Atlanta’s Cumberland/Galleria submarket. According to Yardi Matrix, APG purchased the asset from The Ardent Cos. for $22.3 million. The sale was subject to a $19 million loan held by SunTrust Bank. APG has plans for a multi-million-dollar renovation during its first year of ownership.
The 200,000-square-foot property comprises three adjacent office buildings and a 475-space parking deck. Located at 2100 Powers Ferry Road, the four-story buildings feature nine-foot ceilings, common area Wi-Fi and full-height windows, as well as access to 777 parking spaces and 1,134 square feet of retail. The property is currently 78 percent leased to tenants such as InvenTrust Properties, Hammond Residential Group, Manhattan Construction Group, Shadowood Cafe and TETRA Technologies.
“We acquired the property at an attractive basis and the investment presents compelling risk-adjusted returns,” said Shep Dinos, a partner with APG, in prepared remarks. “In today’s market, a significant amount of equity is focused exclusively on institutional-sized office investments; however, there are relatively few well-capitalized buyers pursuing middle-market office buildings, creating appealing opportunities for our platform.”
Kevin Markwordt of Transwestern represented the seller in the transaction. In July, Atlanta Property Group purchased a seven-building, Class A office portfolio totaling nearly 1.3 million square feet across Florida, the Carolinas and Pennsylvania.
Image courtesy of Yardi Matrix