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| 5871 Glenridge, Central Perimeter Submarket, Atlanta, GA |
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| Jonathan Rodbell |
ATLANTA, GA– Atlanta
Property Group (APG), a locally based real estate investment firm, said today
it has acquired both 5871 Glenridge
in Atlanta’s Central Perimeter submarket and Waterford Centre in the Peachtree Corners submarket.
“We acquired these
properties at an attractive basis and the investments present compelling
risk-adjusted returns,” said Jonathan
Rodbell, a partner with APG.
“In today’s market, a
significant amount of equity is focused exclusively on institutional-sized office
investments; however, there are relatively few well-capitalized buyers pursuing
stabilized, middle-market office buildings creating appealing opportunities for
our platform.”
The 65,000-square-foot
5871 Glenridge building, built in 1985, is located at 5871 Glenridge Drive near
the intersection of Interstate 285 and Georgia 400. The four-story building
features nine-foot ceilings, full height windows, and an atrium lobby with
marble accents. The property is currently 61 percent leased.
The 86,000-square-foot
Waterford Centre building, also built in 1985, is strategically located at 5555
Triangle Parkway, less than half a mile from The Forum and the Wesleyan School.
The property also features nine-foot ceilings and full-height windows, as well
as a 5.5-acre lake, an outdoor patio and a fitness center. The four-story
building is currently 88 percent leased.
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| Waterford Centre, Peachtree Corners, GA |
“Atlanta Property Group’s
goal remains to be the go-to provider of well-located, quality office space for
value-conscious small and mid-size tenants,” said Austin Chase, director of leasing at APG.
“By utilizing our brand,
proprietary leasing and operations strategies, market presence and extensive
local relationships, we remain Atlanta’s top owner and operator in this asset
class.”
David Meline, Stewart Calhoun, Samir Idris and Casey
Masters of Cushman & Wakefield
represented the single seller in the transaction.
These acquisitions bring
APG’s total portfolio of owned and third-party assignments to over 3.3 million
square feet in 12 properties.
For a complete copy of the company’s news release,
please contact:
Savannah Durban
The Wilbert Group
404-343-0870
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