ATLANTA-Northwestern Mutual Life Insurance Co. of Milwaukee and Ackerman & Co. of Atlanta expect to close this quarter on the purchase of Corporate Campus, a 14-building, 300,000-sf property owned by the Church of Jesus Christ of Latter-Day Saints in Salt Lake City.

Metro Atlanta brokers familiar with the Hammond Drive submarket tell GlobeSt.com the estimated price of the class B, 88%-leased property will be $15 million, or about $50 per sf. That number is below replacement cost of about $100 per sf, but above the $27.59 per sf ($8 million) the Mormon Church paid for the second-phase, four-building portion of the campus in 1988, according to locally based Databank.

Transaction principals could not be reached at GlobeSt.com's publication deadline to learn the contract price or what the property will be used for. But area brokers tell GlobeSt.com the Northwestern/Ackerman team is completing its 90-day inspection of the campus. HealthSouth Corp. is the largest tenant with 30,000 sf of leased space. Property Reserve Inc. represents the church in the pending transaction.

The Mormon property transaction would be the second the Northwestern/Ackerman team joint ventured since June 2002 when the partners paid $24.5 million for the Centrum at Glenridge building on Johnson Ferry Road in Fulton County.