Corporate Campus Sells for $23.5M

ATLANTA-Corporate Campus, a 24-year-old, 293,000-sf, 14-building office park in the potentially hot Central Perimeter corridor, is under new ownership today and in a position to increase its value over the next five years, area brokers familiar with the transaction tell GlobeSt.com.

CB Richard Ellis brokers Will Yowell and Justin Parsonnet negotiated for the church.

The 85%-leased, class B property was purchased by an investment partnership comprised of locally based Ackerman & Co., Coro Realty Advisors and Milwaukee-based Northwestern Mutual Life Insurance Co. for $23.5 million, or $80.20 per sf. The seller, Property Reserve Inc., a Salt Lake City-based affiliate of the Church of Jesus Christ of Latter-day Saints, had owned the 60-tenant, 20-acre asset since 1979.