Atlanta Property Group Acquires Securities Centre
- May 22, 2015
Atlanta Property Group has acquired Securities Centre, a 531,000-square-foot office property in Atlanta’s Buckhead submarket, from LNR Partners for a reported $90 million.
JLL represented the seller in the purchase.
“Securities Centre is a perfect fit for our platform and will have excellent synergies with our other properties,” Court Thomas, a partner with Atlanta Property Group, told Commercial Property Executive. “Additionally, the previous owners were capital constrained and there are ample opportunities for APG to add value through a carefully planned renovation.”
Located at 3490 and 3500 Piedmont Road, Securities Centre consists of two office buildings and a 1,700-space parking facility.
APG expects to complete a multi-million dollar renovation in the first six months of ownership, which will focus primarily on the building common areas and amenities.
The property is within walking distance of the Buckhead MARTA station. According to Thomas, the Atlanta market in general and the Buckhead market in particular are experiencing excellent tenant demand and strong rent growth, which should allow APG to quickly stabilize the property and bring the rents up to current market levels.
“Buckhead is Atlanta’s strongest submarket and is home to the greatest concentration of decision makers in the city,” he added. “APG focuses on buildings that cater primarily to local, value conscious tenants. Security Centre is the dominant property in central Buckhead that serves this tenant type.”
The company is no stranger to the area. With this latest acquisition, APG has now acquired 10 properties in the last five years, including Northcreek Office Park in Buckhead and Palisades Office Park in the Central Perimeter submarket. Overall, APG’s total portfolio consists of more than 3 million square feet in 16 properties.
APG will lease and manage Securities Centre.