Richmond Honan Picks Up Atlanta Offices

A joint venture between Pope & Land Enterprises and Noro traded the two buildings for $44 million. The seller bought the property in 2015 for $24.5 million.
Building 1 at Glenridge Point

Richmond Honan Development has acquired Glenridge Point, a 185,402-square-foot office property in Atlanta from a joint venture comprising Pope & Land Enterprises and Noro. The asset traded for $44 million, according to an affidavit filed with the Fulton County recorder. The buyer financed the purchase with a one-year, $19.9 million acquisition loan held by Star Mortgage.

In late 2015, the Pope and Noro venture picked up the property’s two structures for $24.5 million from Highwoods Properties, according to Yardi Matrix data. When purchased, the asset was 62 percent occupied. Today, the buildings are 99 percent leased to a mix of tenants, including eVestment and Northside Hospital.

The five-story buildings, located at 100 and 200 Glenridge Point Parkway N.E. in Atlanta’s Central Perimeter, are situated at the southwest corner of Interstate 285 and T. Harvey Mathis Parkway. In 2017, nearly 1 million square feet of office space delivered in the submarket.

A CBRE team led by Jay O’Meara, Justin Parsonnet and Will Yowell represented the seller in the transaction.

“Tenants and investors have placed a premium on well-located walkable environments as the submarket and its key economic drivers evolve,” said Senior Vice President O’Meara in a prepared statement. “Tech-centric and medical users are a primary contributor to the continued rent growth across the metro area, but particularly in Atlanta’s infill submarkets, like select locations in Central Perimeter. As the neighborhood continues to urbanize, core investors are taking a greater interest in the submarket.”

Image courtesy of Yardi Matrix