Greenstone Nabs 107 KSF Office Building in Atlanta
- Mar 08, 2017
By Evelina Croitoru
Atlanta—Greenstone Properties has announced that the company purchased 3301 Windy Ridge Parkway, a 107,000-square-foot office building located in Atlanta. The property traded for $15 million, according to Yardi Matrix. Greenstone closed the deal with the assistance of its capital advisor Patterson Real Estate Advisory Group that arranged an $11 million financing for the acquisition with SunTrust Bank.
The six-story building, located on 6.4 acres, was developed by Cousins Properties as part of the master planned Wildwood Center. The asset is located in the Cumberland submarket of Atlanta, less than one mile away from SunTrust Park. At the time of the deal, the building was 60 percent leased to DPR Construction.
“As soon as 3301 came on the market, we knew immediately it was the right investment for our company. With the opening of SunTrust Park, The Battery, and the momentum of the Cumberland submarket, we felt confident in our basis and believe there is unlocked potential in the building,” De Little, managing principal of Greenstone Properties, said in a prepared statement.
“As a tenant in the building, we appreciate the convenience of the 3301’s location, the surrounding amenities, and the views of the adjacent nature preserve. With the opening of SunTrust Park just a mile away, I am highly confident that Greenstone will continue to capture market demand at the property,” Lance Patterson, owner of Patterson Real Estate Advisory Group, said in prepared remarks.
Images courtesy of Yardi Matrix and Vision Properties