The properties were 1600 Parkwood, a six-story, 151,141-sf class A office building on 5.52 acres in the Northwest/Cumberland submarket and Royal 400 Business Park, a which consists of three one-story office buildings totaling more than 140,000 sf on 22.5 acres in Alpharetta. The 1600 Parkwood sale, for $26.8 million, closed on Dec. 28 and the Royal 400 sale, for $13.4 million, closed on Dec. 29.

1600 Parkwood was purchased from Apollo Real Estate Advisors' Value Enhancement Fund V, LP represented by David Meline and Stewart Calhoun, of Cushman and Wakefield. Financing, provided by Wachovia Bank, was arranged by David Pike. The property is approximately 99% occupied by 15 tenants, including OneSource Management, Numerex Corp. and Option One. The property also includes a three-story parking garage with a parking ratio of three spaces per 1,000 sf and a fitness center and deli.

"The main reason we were attracted to 1600 Parkwood was the historical occupancy. The building has had an average occupancy of 95% over the past six years," Triple Net Properties real estate analyst Robert Giusti tells GlobeSt.com. "It's a class A property with a well-diversified tenant base. Seventy-five percent of the tenants are national or public companies."

Royal 400 was purchased from Holder Properties, represented internally by Jeff Mixson. Financing was provided by Wachovia Bank, arranged by David Pike. The property is approximately 82% leased by 10 tenants, including the County of Fulton, North Point Community Ministries and Esurance. The property features parking with a ratio of 4.5 spaces per 1,000 sf.

Triple Net Properties director of acquisitions Brendan Considine tells GlobeSt.com that the company currently manages an office building across the street from Royal 400. "We've been very happy with the performance of the submarket," he says. "With the acquisition of Royal 400, there were economies of scale with respect to management."

Triple Net is bullish on the Atlanta market and plans to acquire more assets in the future. "We like Atlanta. We own assets there, but we're looking to expand," Triple Net Properties president and CEO Jeff Hanson tells GlobeSt.com. "We like the lower cost of living, higher than average per capita income. The transportation infrastructure is in place and the economy is good."