EnTrust declined disclosing the sale price, citing a confidentiality agreement between the buyer and seller. However, Databank Inc., an Atlanta-based real estate research firm, cites the price at just above $18 million, or $140 per sf.
James I. Clark III, managing principal of Chicago-based EnTrust, says the transaction was unusual in that ESRI made an unsolicited offer for the five-story, 129,421-sf building at Brookside Concourse along Old Milton Parkway, east of Georgia 400. It's also refreshing to have a well-capitalized buyer that also sought to occupy the building, he says.
"This is an all-cash buyer and was not dependent on the financial markets," Clark tells GlobeSt.com. "The field becomes very narrow and these buyers become the choice players to work with."
Redlands, CA-based ESRI was able to negotiate its purchase of Brookside 100 based on the nine-year-old building's value as well as vacancy, which is currently 24%. Clark says the new owner will take up roughly 10,000 sf.
ESRI did not respond to a phone call and e-mail from GlobeSt.com seeking additional information about its new Atlanta area office and the building acquisition. Tony Swann and Brad Simmel, with CB Richard Ellis Private Client Group in Atlanta, represented ESRI in the transaction.
Brookside 100 is part of the 45-acre Brookside Concourse business park, which will ultimately have more than 550,000 sf of single- and multi-story office space, according to EnTrust. The building's nine-acre site allows for construction of an identical structure, says Lisa Cardilli, an EnTrust associate who worked with Clark on the Brookside 100 sale.
Alter Group is the developer of Brookside Concourse, which is part of the larger 204-acre Brookside mixed-use project. Its EnTrust affiliate specializes in the refinancing and recapitalization of suburban office properties nationwide, and Clark says the Brookside 100 sale is its only transaction in Atlanta so far this year.
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