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| Palisades Office Park, Central Perimeter submarket Atlanta, GA |
ATLANTA, GA – Atlanta Property Group (APG), a locally based
real estate investment firm, said it has closed on its acquisition of Palisades
Office Park in Atlanta’s Central Perimeter submarket.
APG bought the
property – located at 5901-5909 Peachtree Dunwoody Road – from Shorenstein
Properties, a San Francisco-based real estate owner and operator.
The 637,000-square-foot property consists of four office
buildings, two parking decks and four surface lots. It is within walking
distance of two MARTA stations.
With the acquisition
of Palisades, APG has now acquired nine properties since mid-2010, including
The Park at Perimeter Center East and 1200 Ashwood Parkway. Combined, the three
properties give APG over 1.1 million square feet of space in the Central
Perimeter submarket.
“Acquiring Palisades
demonstrates Atlanta Property Group’s commitment to being the go-to provider of
well-located, quality office space for value-conscious small and mid-size
tenants,” said Court Thomas, a partner at APG. “Palisades makes a great
addition to our portfolio with its location in the desirable Central Perimeter
market.”
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| Jonathan Rodbell |
Eastdil Secured
represented the seller in the purchase.
Shorenstein purchased
Palisades, which was constructed in two phases (the first in 1981 and the
second in 1999), in 2007. The property is currently over 90 percent leased.
This acquisition of Palisades puts APG’s total portfolio at
over 3 million square feet in 15 properties. “We are seeking similar
opportunities that will continue to diversify our portfolio across metro
Atlanta,” said Jonathan Rodbell, also a partner with APG.
APG will both lease and manage Palisades Office Park.
Leasing inquiries should be directed to Austin Chase, APG’s Director -
Leasing, at (404) 442-6110.
For a complete copy
of the company’s news release, please contact:
Stephen Ursery
The Wilbert Group
(404) 549-7150 (O) (404) 405-2354
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