Great Oaks consists of four single-story office buildings completed in 1999 that are fully leased to tenants: including SunGard Recovery Services, InterContinental Hotels Group, Toyota Motor Sales and the Shaw Group. The center is part of Alpharetta's 336-acre Royal 400 master-planned office park, just off the Georgia 400 thoroughfare in north Fulton County, and is adjacent to Royal Ridge, which KBS bought last year.
"The North Fulton/Georgia 400 corridor remains an especially attractive investment submarket," says Len Bravo, KBS senior vice president in Atlanta. He adds that the proximity of Royal Ridge and Great Oaks allows the landlord to "expand our presence and synergize our management efforts" in that submarket.
KBS represented itself in the Great Oaks purchase. Stewart Calhoun and Samir Idris with Cushman & Wakefield's Atlanta office represented the seller, whose identity was not immediately available.
KBS now owns 1.7 million sf of commercial real estate throughout the Atlanta metropolitan area. The REIT's most recent local acquisition was a 205,645-sf industrial building on 16 acres at Suwanee Point Business Park for $17.8 million.
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