DC Buyer Pays $40M for Two Class A Office Assets

ALPHARETTA, GA-The ownership of two class A, North Fulton County office properties totaling 252,960 sf and 93% leased, has changed hands. McLean Office Center Ltd. of Washington, DC paid locally based K&K Holdings LLC $40 million–$158.50 per sf–for the buildings and a nearby office building site.Crossley, Jernigan & Ellison Inc., which developed Parkside Terrace East in 1998 and Parkside Terrace West in 2002, represented the seller. Scott Orton of Atlanta-based Bullock Mannelly Partners and Tim Summers and Steve Perkins of the Washington, DC office of Spaulding & Slye, negotiated for the buyer.The buildings are at 3780 and 3820 Mansell Rd. here. “The properties were not actually on the market,” Orton tells GlobeSt.com. “This was an unsolicited purchase.”He calls the properties “well-leased, well-located and well-managed. Our purchaser clearly appreciated the potential for long-term appreciation in the North Fulton submarket.” The average asking base rent is $19 to $20 per sf. Orton says the entire deal was done in 60 days. “The seller and purchaser were very well organized and professional in their approach,” he notes. The purchase price is “about equal to replacement cost” of the properties, the broker tells GlobeSt.com.