Friday, October 20, 2017

Ackerman & Co. Sells 334,675 SF Phoenix Office Park Portfolio

Frank Farrell
Atlanta, GA – Ackerman & Co. announced it has sold the remaining properties in its Phoenix Office Park portfolio to WePartner, an Atlanta-based real estate investment and management firm.  Ackerman sold nine buildings totaling 334,675 square feet for approximately $22 million.
Ackerman & Co. purchased the 100-acre, 11-building Phoenix Office Park in 2005 and invested in extensive renovations over the years. Ackerman’s leasing team led by Senior Vice President of Leasing Frank Farrell also boosted occupancy at the park to 86 percent with recent lease signings including 44,891 square feet with LogistiCare, 28,275 square feet with the State of Georgia and 10,799 square feet with the U.S. Department of Veterans Affairs.

The properties sold to WePartner include: Two Crown Center - 1745 Phoenix Boulevard (87,384 square feet); 1800 Phoenix Boulevard (4 buildings totaling 103,319  square feet); South Pointe – 1691 Phoenix Boulevard (66,120 square feet); 1640 Phoenix Boulevard (49,577 square feet); and 1680 Phoenix Boulevard (28,275 square feet).

Stewart Calhoun
“In addition to its strategic location at I-285 and Riverdale Road near Hartsfield-Jackson International Airport, Phoenix Office Park offers the benefits of its location within the Airport South Community Improvement District (CID) that Ackerman helped create in 2015,” said Ackerman’s Frank Farrell.

Recent improvements implemented by the Airport South CID include the addition of MARTA stops along Phoenix Boulevard, traffic mitigation at I-285 and Riverdale Road, beautification cleanup along business corridors and improved way-finding signage.

Stewart Calhoun, Samir Idris and David Meline of Cushman & Wakefield Atlanta represented Ackerman in the transaction.

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