Atlanta-Area Office Campus Trades for $19M
- Jun 12, 2017
Avison Young completed the sale of 3100 Breckinridge Blvd., a Class A, 253,000-square-foot office park in Duluth, Ga. TerraCap Management LLC acquired the property in a $19 million deal.
Principals Matt Tritschler and Steve Morgan of Avison Young’s capital markets group led efforts on the sale, alongside Senior Vice President Stephanie Marino. The seller was HQ Capital Real Estate LP of New York on behalf of TRIUVA. According to public records, the transaction benefitted from an undisclosed acquisition financing originated by CopperPoint Mutual Insurance Co.
Ideal Suburban Location
Located at 3100 Breckinridge Blvd., the park features six single-story buildings and a 75,000-square-foot executive building on nearly 30 acres. The property is 20 miles northeast of Downtown Atlanta, 10 miles from I-285, and just east of the interchange at I-85 and Pleasant Hill Road. Developed from 1986 to 1990, the campus includes a small park area for tenants and customized monument signage. It is currently 70 percent leased, with IMB occupying 50,000 square feet as the park’s largest tenant.
TerraCap Management tapped Lincoln Property Co. Southeast to lead management and leasing efforts at the campus and selected vice presidents Jeff Henson and Matt Davis as exclusive leasing agents. According to Yardi Matrix, the complex last changed hands in 2009 when it sold for $18.3 million.
Image courtesy of Yardi Matrix