Atlanta Property Group Acquires 536 KSF Office Campus in Atlanta
- Apr 12, 2013
Atlanta Property Group, a privately held real estate investment firm, has acquired Northcreek Office Park, a four-building, 536,000-square-foot Class A office campus located in Atlanta’s Buckhead/West Paces Ferry corridor for a reported $72 million from CBRE Global Investors.
Cushman & Wakefield represented the seller in the transaction. CBRE Global Investors had originally purchased the office park in 2008 on behalf of its Strategic Partners U.S. Value V fund, for about $60 million.
“Northcreek is an exceptional asset,” Court Thomas, a partner at APG, said in a company statement. “A majority of the tenants are local companies, and several are owned by principals with whom we have existing relationships.”
Located at 3715 Northside Parkway, Northcreek Office Park consists of four fully renovated, eight-story class A office buildings featuring a full array of tenant amenities including onsite dining and catering, conference and meeting facilities, a state-of-the-art fitness center, and abundant structured and surface parking.
The eight-story structure was constructed between 1971 and 1979 and each floor ranges between 133,520 and 134,667 square feet.
The property is prominently located along Northside Parkway near the intersection with West Paces Ferry Road, surrounded by some of the highest income demographics areas in the Southeast.
At the time of the sale, the property was approximately 91 percent leased to 74 tenants.
Atlanta Property Group now owns 15 assets that total about 2.7 million square feet.
“Our recent leasing velocity affirms our position as the go-to provider of well-located, quality office space for value-conscious small and mid-size tenants,” Jonathan Rodbell, a partner at APG, said in the company release. “We intend to maximize the property’s value as the economy continues to improve.”
Cushman & Wakefield’s investment sales team consisted of executive director David Meline, executive director Stewart Calhoun, director Samir Idris and senior associate Casey Masters.