SDM Partners Acquires 2 Metro Atlanta Office Assets
- Jan 10, 2018
SDM Partners has purchased a two-building office portfolio near Atlanta from Equity Global Management. Following the sale, the new owner tapped Transwestern to handle leasing and management for both properties. The sale price for the assets was $41.5 million, according to Yardi Matrix. SDM’s acquisition was financed by a mortgage held by the Canadian Imperial Bank of Commerce.
Located at 2245 and 2247 Northlake Parkway in Tucker, Ga., the buildings total 406,292 square feet of office space. Formerly fully occupied by AT&T, the older of the two buildings, 2245 Northlake, was constructed in 1980 and features 111,013 square feet spread across three floors. The larger 2247 Northlake building opened in 2001 and contains 295,279 square feet over 10 stories. A multi-level parking structure sits on-site, offering upwards of 1,500 parking spaces to tenants.
The properties sit next to Interstate 285, offering convenient access to Atlanta’s city center less than 20 miles away. A bus stop outside the buildings enables access to the metro area via Atlanta’s rapid transit system. A brand new retail development, Tucker Meridian, sits just south of the property, anchored by Sprouts Farmers Market, which opened in April of 2017.
“With a growing residential and professional population and increased development, including the brand-new Tucker Meridian retail plaza immediately adjacent to the office properties, Northlake is heading in a positive direction for commercial real estate investment,” said Steven Martin, managing principal of SDM Partners, in a prepared statement. “We tapped Transwestern, with which we have a long-standing and proven business relationship, for market insight prior to the purchase. Upon signing the deal, continuing the relationship was a logical decision.”
Last year in Tucker, Mainstreet Capital Partners and The Davis Cos. began significant renovation work on a 250,000-square foot office asset.
Images courtesy of Yardi Matrix