TPG Sells Atlanta-Area Business Park
- Nov 22, 2019
After the acquisition of Gwinnet Park, TPG has sold Brook Hollow Center, a 252,698-square-foot business park in Norcross, Ga. The firm traded the property after merely six months of ownership, Yardi Matrix shows. CIP purchased the asset for $19 million and received $13.5 million in financing from a California-based community bank.
Talonvest secured the non-recourse, five-year fixed-rate bridge loan, with future advances for renovation plans on behalf of the buyer. The mortgage also features a rate lock at application, 36 months of interest-only payments, options for extension and prepayment flexibility.
Brook Hollow Center occupies 14.2 acres at 5172 Brook Hollow Parkway, just off Interstate 85, approximately 20 miles from downtown Atlanta and within 30 miles of Hartsfield-Jackson Atlanta International Airport. The location is qualified as an Opportunity Zone, per Yardi Matrix.
Constructed in phases between 1979 and 1985, the industrial center features 14-foot clear height and both grade-level and dock-high doors. The buyer plans to upgrade the center by exterior cosmetic upgrades, roof and HVAC replacements and by renovating the vacant units.