Florida Investor Snaps Up Atlanta Office Complex for $92.3M

Cousins Properties, owner and developer of North Point Center East, recently sold the four-building property for $92.3M to a Florida-based investor.
100 North Point Center East

100 North Point Center East, Atlanta, Ga.

Atlanta, Ga.Cousins Properties Inc. has sold the four-building North Point Center East office complex for $92.3 million to Accesso Partners of Hallandale Beach, Fla. CBRE’s Office Institutional Properties Group in Atlanta brokered the sale, with a team led by Senior Vice President Jay O’Meara, Executive Vice President Justin Parsonnet and Vice Chairmen Will Yowell, and John Shlesinger representing the seller. Senior Managing Director Susan Hill of HFF’s Houston office arranged the acquisition financing through Key Bank.

Located in the city’s North Fulton submarket, North Point Center East sits on a nearly 33-acre site directly adjacent to the North Point Mall. The Class A suburban master-planned development measures 540,137 square feet and is currently leased to tenants such as Surgical Information Systems, Merrill Lynch, Regus Business Centers, Amplify Education, IPSWITCH, Robert Baird & Co., Nokia, Wells Fargo Bank and Wells Fargo Wealth Management.

Cushman & Wakefield in Atlanta has been appointed as the leasing agent for North Point Center East. The property was 88 percent occupied at the time of the acquisition.

Cousins has also sold another office complex, the 203,000-square-foot The Points of Waterview in Dallas, sold for a gross price of $26.8 million.

“With these sales complete, our development pipeline is fully funded,” said Larry Gellerstedt, president & CEO of Cousins Properties. “As we begin 2016, Cousins owns a portfolio of well-leased, trophy assets in high-barrier urban submarkets, supported by an industry-leading balance sheet.”

Photo courtesy of Cousins Properties