Duke Realty Sells Metro Atlanta Business Park for $33M
- Aug 19, 2019
Duke Realty Corp. has sold six office buildings totaling 298,433 square feet that form part of Camp Creek Business Center, a 400-acre campus including 2.9 million square feet of industrial and office development in East Point, Ga. Savlan Capital acquired the portfolio for $33.2 million or $111.25 per square foot. David Tennery and Noël Steinfeld of JLL represented both parties in the all-cash transaction.
Located at 1000, 1100, 1200, 1400, 1800 and 2000 Centre Parkway, right off Camp Creek Parkway, the assets are situated approximately 5 miles west of Hartsfield-Jackson Atlanta International Airport in the Aerotropolis West Community Improvement District. Downtown Atlanta is 13.3 miles northeast and the immediate area abounds in entertainment, dining and retail.
Developed between 1988 and 2008 on 36.3 acres, the office portfolio features a mix of concrete tilt-up and split-face block buildings with tinted windows, 14-foot ceilings and Early Suppression, Fast Response (ESFR) fire safety systems. Savlan Capital plans to invest $2.5 million in property upgrades targeting building exteriors, unit interiors, signage, landscaping and tenant amenities.
The buildings were 79.3 percent leased at the time of sale, the tenant mix including Sto Corp., DoverStaffing, Hopebridge, Jaguar Land Rover Automotive North America, Keller Williams and Primerica. Cushman & Wakefield was appointed for property management and leasing.
The Camp Creek business park is the Savlan Capital’s first investment in the Atlanta market and the ninth property in its portfolio of multifamily, flex business park and office assets in Georgia, Florida and Texas. In October, the company acquired a 194,400-square-foot office and industrial asset in Jacksonville, Fla., for $18.3 million.
A booming area
The area surrounding Camp Creek Business Center is attractive for developers, investors and residents alike, with approximately 2,500 multifamily units, 1,500 hotel rooms and 800 acres of mixed-use development recently completed, under construction or planned. New office space in the area, however, was mainly included in mixed-use developments outside the corridor.
The Aerotropolis West CID has an active development pipeline, due to its closeness to the airport and the easy access to interstates 85, 285, 20 and 75, the region’s major thoroughfares. According to a recent Yardi Matrix report, development activity in the metro picked up in 2019, with groundbreakings and completions accelerating in the first quarter.
The Georgia Department of Transportation has begun a $13 million Diverging Diamond Interchange project at the Intestate 295-Camp Creek Parkway interchange, less than 2 miles east of the business park. This infrastructure project broke ground in August 2018 and is slated for completion later this year.