RealOp Expands in Atlanta With $32M Buy
- Oct 09, 2019
RealOp Investments has acquired The Corners Office Park, a four-building office portfolio totaling 290,924 square feet in Norcross, Ga. Glenfield Capital sold the Class B assets for $31.5 million. CBRE’s Tom Shafer and John Hinson assisted the seller in the deal, while RealOp was self-represented. According to Yardi Matrix data, the property last traded in 2014, in a $37 million portfolio sale that also included 100,815 square feet of office space at East Johns Crossing.
Located at 6025, 6075, 6525 and 6575 The Corners Parkway in the Peachtree Corners submarket of Atlanta, the office campus is near Peachtree Industrial Boulevard, close to interstates 85 and 285. Downtown Atlanta is 22 miles southwest of the property and the immediate area holds several hotels, as well as numerous restaurants and shopping options.
Built in 1980 and 1982 on almost 28 acres, the two- and five-story assets underwent capital improvements in 2007, 2015 and 2018. Upgrades included renovations of the lobbies, outdoor amenity areas and the fitness center, as well as a new café. The property was 63 percent leased at the time of sale, with a tenant roster that includes Sprint, Digital Envoy, United States Tennis Association and Prosys Corp.
This acquisition is RealOp’s second Atlanta-area purchase this year, after the Breckinridge Office Portfolio deal. The investment company purchased the 12-building, 560,000-square-foot office park in Duluth, Ga., in May.