The property consists of two class A office buildings and a structured parking facility. The 10-acre complex features a lake, waterfalls, an outdoor plaza and landscaping. On-site amenities include a café, sundry shop, health club, dry cleaner and car detailer.
The property was acquired on behalf of Intercontinental's US Real Estate Investment Fund LLC, a transaction which was led by Intercontinental director, acquisitions Michael Keyes. The property is 97% leased to a variety of tenants. Its anchor tenants are Porsche Cars North America, Porsche AG's North American headquarters; Argosy University, an institution on professional psychology and Brown & Caldwell, an environmental engineering firm.
Located within the Central Perimeter submarket, the property is just east of GA 400 and just north of Interstate 285. "Lakeside Commons is one of the most competitive and distinct office properties in Atlanta's Central Perimeter submarket," says Intercontinental director of acquisitions, asset and portfolio management Thomas Taranto, in a prepared statement. "It will be a great addition to our US REIF portfolio."
The Central Perimeter submarket is among Atlanta's submarkets that is experiencing strong leasing activity. According to a Grubb & Ellis 4Q office market report for Atlanta, the Central Perimeter market experienced 799,754 sf in positive absorption during 2007. At the end of the year, the submarket had a 13.4% vacancy rate with average asking rents for class A space at $23.89 per sf.
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