HFF announces $23.51M sale of Preston Ridge I in Alpharetta, GA

Preston Ridge 1, Alpharetta, GA

  

ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $23.51 million sale of Preston Ridge I, a 148,355-square-foot, Class A suburban office building in the Atlanta-area community of Alpharetta, Georgia.

The HFF team marketed the property on behalf of the seller, Barings Real Estate, part of Barings LLC, on behalf of an institutional investor, and procured the buyer, The Simpson Organization. 

Pam Bonham

“Investors are attracted to the strong recovery occurring in the Alpharetta office submarket,” said Pam Boneham, Regional Director-Central Region, Barings.  “HFF produced an attractive list of potential buyers while achieving robust pricing for this asset, which was one of the final properties being sold in a closed end fund.”

Preston Ridge I is located at 3655 North Point Parkway in Atlanta’s North Fulton submarket.  This location is just east of Georgia 400 and within a mile of Avalon, a mixed-use development providing an abundant amenity base, including retail, restaurants and a movie theater.  

Ralph Smalley

The six-story building was developed in 1997 and features 25,000-square-foot floorplates, a circular entrance lobby and parking for more than 590 vehicles. 

The HFF investment advisory team representing the seller consisted of managing director Ralph Smalley.

 For more information, please contact:

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com