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Winthrop Invests in 6-Building Campus

ATLANTA-The $47-million office/flex purchase expands its presence in the Northwest submarket.

By Carl Cronan | Updated on August 21, 2008

ATLANTA-Boston-based Winthrop Realty Trust says it has purchased a six-building office/flex campus totaling nearly 470,000 sf in the city’s Northwest submarket through an existing joint venture with Sealy & Co. The purchase price is disclosed at $47 million, just under $100 per sf.

The campus is adjacent to a similar complex containing 471,871 sf in 12 buildings, also purchased in a JV with Sealy. The property is currently 88% occupied and will be jointly owned and managed, Winthrop stated in a release.

The purchase price includes assumed debt consisting of an existing $37-million first mortgage at 6.1% interest, maturing in November 2016, but does not include acquired cash reserves, according to Winthrop, which owns several other office properties within the Atlanta metropolitan area. Company executives did not return calls from GlobeSt.com for additional information.

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