Atlanta-Area Office Campus Changes Hands for $57M
- Jan 17, 2017
Alpharetta, Ga.—Avison Young recently announced that it has represented Adventus Realty Trust in the acquisition of Milton Park, a two-building Class A office campus in Alpharetta.
According to Yardi Matrix data, the property was sold by Talcott Realty Investors for a price tag of $57 million and the sale was subject to a $39.9 million loan held by JPMorgan Chase.
Situated on over 13 acres, Milton Park consists of two six-story, LEED-certified office buildings encompassing roughly 320,000 square feet of space. The Atlanta-area campus features standard ceilings and abundant covered parking in an adjacent multi-level parking structure. Amenities include common area Wi-Fi and redundant power.
The property is located in close proximity to North Point Mall and a wide range of dining options, as well as Avalon, a high-end mixed-use development. The campus offers quick access to Sandy Springs, Johns Creek and downtown Atlanta through Interstate 285, Route 400 and the MARTA rapid transit services.
Avison Young has been retained for leasing and property management of the multi-tenant property, which was 88 percent leased at the time of the transaction. The tenant roster includes Landis+Gyr, Pegasystems, Convergex and Schneider Electric.
“Milton Park is an attractive option for employers looking for a centrally located office park with a unique walkable live, work, play environment,” said Matt Tritschler, Avison Young principal, in a prepared statement. “North Fulton is experiencing some of Atlanta’s strongest leasing fundamentals and the property is in a high-growth, strategic location with a very talented, well-educated workforce nearby.”
“Milton Park marks the third acquisition in suburban Atlanta this year, expanding the geographical diversification significant to the strength of the Adventus portfolio,” said Rod Johnston, president & CEO of Adventus, in prepared remarks. “With this acquisition, Adventus owns approximately 850,000 square feet in Atlanta, representing 21 percent of the overall Adventus portfolio.”
Image courtesy of Yardi Matrix