Atlanta Office Building Trades for $28M
- Dec 14, 2016
Atlanta— Atlanta-based OA Development has announced the purchase of Preston Ridge IV, a 150,320-square-foot, six-story Class A office building in Alpharetta, Ga., for $27.5 million.
Located at 3440 Preston Ridge Road, the mid-rise building is located within the Preston Ridge Office Park, which is 94 percent occupied with the tenant roster including Select Management Resources and U.S. HealthWorks Holding Co. The property offers controlled access, 676 parking stalls and convenient access to GA-400, top executive communities, and high-profile amenities, including Avalon, Alpharetta’s 86-acre mixed-use development.
“OA was originally attracted to Preston Ridge IV because it’s a best-in-class development in a prime location, offering investors a stable and creditworthy rent roll. Preston Ridge IV is consistently a top-performing asset with high visibility,” Brian Granath, a partner of OA Development, said in a prepared statement.
RGA ReCap LLC provided the debt and Cushman & Wakefield brokered the deal. The deal marks the 17th property acquired by OA in the last six years, bringing the company’s total square footage to 2.1 million.
Image courtesy of OA Development