Simpson Org. Snags GA Office Campus
- Oct 04, 2018
The Simpson Org. has acquired Royal Centre One, a Class A office property in Atlanta’s submarket of Alpharetta, Ga., from Velocis.
Located in the heart of the Royal 400 master-planned office park, the 152,935-square-foot campus is situated on 12 acres and was originally purchased by the seller in 2013. Over the past five years, occupancy has increased from 53 percent to just under 80 percent. Tenants at the site have access to nearby amenities including North Point Mall and the Avalon mixed-use development.
“When we purchased Royal Centre One, we saw an opportunity to invest in a property with not only a premier address, but also unique characteristics,” said Jim Yoder, partner at Velocis, in a prepared statement. “As with all of our investments, our goal was to identify and unlock value in the property. Our understanding of the local market, along with some patience and restraint, played a major role in our ability to increase occupancy and raise rental rates with minimal investment, and ultimately, dispose of the asset at the optimal time.”
Cushman & Wakefield’s Executive Director Samir Idris, Vice Chairmen David Meline and Stewart Calhoun, Senior Associate Andy Johns and Senior Director Casey Masters represented the owner in the transaction. Last month, Calhoun, Meline, Idris and Johns were the listing brokers in Unico Properties’ acquisition of One Nashville Place, a Class A office tower in Nashville, Tenn.
Image courtesy of Velocis