The purchase price amounts to about $44 per sf, a figure that industry experts consider low in comparison to price tags for similar structures sold in the same area this year. Archon representatives concede that a current occupancy of only 70% and some repair problems contribute to the lower figure.
However--and not surprisingly--both Overlook and Archon state their contentment with the deal. "It's a pretty good transaction for both sides," Dennis Mitchell of NAI /Brannen Goddard Co. tells GlobeSt.Com. His firm represented Archon in the business arrangement. "They acquired that asset as part of a much larger portfolio, so after owning it for a couple of years, this was the right time to sell." The arrangement frees Archon to focus on its larger holdings.
The four-building complex represents just a chunk of Cobb County's North by Northwest office park, which is located near I-75 and Windy Hill Road. Mitchell is currently assisting Archon "in the disposition of an additional Atlanta asset." He declines to give details since the deal is in progress.
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