Crown West Realty Acquires Two Atlanta Area Office Parks
ATLANTA, GA – Crown West Realty, LLC has acquired Deerfield Professional Centre and Peachtree Corners Corporate Centre, in a package deal for $38.6 million, or $115 per square foot. The seller was CAT-ATL OWNER LLC, a entity controlled by EOLA Capital. This is Crown West’s third acquisition in the Atlanta area since 2007 and its seventh transaction in recent years involving a loan assumption.
Deerfield Professional Centre totals 170,400 square feet and consists of three single-story office buildings. The project was constructed in 2000 and sits on 17.3 acres at 13000 Deerfield Parkway, in Milton, Georgia. It is centrally located at the intersection of Deerfield Parkway and Webb Road and close to GA 400. The three buildings are 95% leased; major tenants include BB&T Payroll Services, Milton’s City Hall offices and the headquarters for Exide Technologies, Inc.
Peachtree Corners Corporate Centre totals 163,000 square feet and consists of two single-story office buildings. The project was also constructed in 2000 and sits on 21.5 acres at 4775 and 4855 Peachtree Industrial Blvd., in Norcross, Georgia, just north of GA 141 and close to I-285, Buford Highway and Jimmy Carter Blvd. The two buildings were 62% occupied at the time of purchase and their major tenants include Elekta Instruments and Toshiba America Business Solutions, Inc.
“We are excited to expand our Georgia portfolio with the acquisition of these quality assets. The strong job growth and high-quality corporate tenants in these submarkets make modern, well-located properties attractive buys for Crown West Realty. We look forward to making additional acquisitions with the aim of assembling at least one million square feet in the Atlanta market,” says Ed Gargiulo, Asset Management Head for Crown West’s Eastern Division.
Crown West’s investment criteria can be found at www.crownwest.com; potential acquisition candidates should be submitted to Brian Zilla, Partner at Petrus Partners (212-977-3711).
Crown West Realty is a full-service real estate investment, development, and management firm with offices in New York City, Phoenix, Denver and Spokane. Crown West was formed in 1996 by its parent, New York investment firm, Petrus Partners Ltd. The Petrus Partners-Crown West Group manages a $125 million discretionary equity investment fund and owns and manages land development investments together with eight million square feet of office, industrial, and mixed-use properties nationwide.