Virtua Partners Pays $13M for Atlanta Office Asset
- Nov 15, 2019
Virtua Partners has acquired 4800 North Point, a 75,305-square-foot office building in Alpharetta, Ga., from Alvarez & Marsal Capital Real Estate for $13 million, according to public records. CBRE represented the seller.
The asset last traded in 2014, when Alvarez & Marsal purchased it for $9.7 million, per Yardi Matrix data. The seller in that transaction, Glenfield Capital, had renovated the property prior to disposition.
The four-story building is located on 7.6 acres at 4800 North Point Parkway, within the county’s technology corridor. The property is near Turner McDonald Parkway, which provides direct access 30 miles south into downtown Atlanta. Two major retail destinations, North Point Mall and Avalon, are 2 miles away.
The building, completed in 1995, was 78 percent leased at the time of sale. Anchor tenant Siemens occupies 40,854 square feet, per Yardi Matrix data. Hotel Equities will move its headquarters to the asset. Virtua Partners provided a $500 million infusion to the hospitality manager and developer last year to support its growth in the U.S. and Canada.
Executive Vice President Tom Shafer and Transaction Manager John Hinson led the CBRE team involved in the deal. In October, the team assisted Glenfield Capital in the nearly $32 million disposition of an office portfolio in Norcross, Ga.