JV Acquires Suburban Atlanta Office Property

Granite Properties has sold a two-building, Class A office property in the city's North Fulton submarket. CBRE represented the seller in the transaction.
Parkside Terrace
Parkside Terrace. Image courtesy of CBRE

Parkside Terrace LLC, a joint venture between Ravinia Capital Group and an institutional partner, has acquired Parkside Terrace East & West, a two-building, Class A, mid-rise office property in Alpharetta, Ga., from Granite Properties. CBRE assisted the seller in the transaction and secured the acquisition financing. The asset previously traded in 2011 for $25.2 million, according to Yardi Matrix data.

Located at 3820 and 3780 Mansell Road, the two-building property is situated within a park-like setting of 20 acres, close to the Big Creek Greenway trail. Parkside Terrace is just minutes from Avalon, the North Point Mall and various Mansell Road dining and entertainment options. Interstate 285 is roughly 11 miles away and Hartsfield-Jackson Atlanta International Airport is 33 miles from the office asset.

The two four-story buildings, completed in 1999 and 2001, encompass 254,435 square feet of office space that was 89 percent occupied at the time of sale. Granite Properties invested $1.7 million of capital improvements at Parkside Terrace, concentrating on the common areas and the overall tenant experience.

Representing both parties

CBRE’s Executive Vice President Justin Parsonnet, Executive Vice President Jay O’Meara, Vice Chairman Will Yowell and Senior Associate Ryan Reethof represented the seller in the transaction, while Senior Vice President Jonathan Rice secured financing for Parkside Terrace LLC.

“Parkside Terrace is a strategic addition to Ravinia’s growing Atlanta regional portfolio. The property is well positioned within a strong demographic corridor that benefits from a highly skilled and growing population as well as strong and sustained office space demand,” said Parsonnet, in a prepared statement.

In March, Parsonnet and Reeth assisted the seller of a four-building office asset located 23 miles west of Parkside Terrace.