Why Pope & Land Invested In An Empty Office Building

Siemens sold the office asset and plans to vacate the property in August.

ATLANTA— Pope & Land Enterprises has acquired a prime office property in Atlanta’s North Fulton submarket . The company snapped up 3333 Old Milton Parkway, a five-story, 113,000-square-foot office building located on 10.2 acres. Siemens sold the office asset and plans to vacate the property in August. Patterson Advisory Group served as Pope’s capital advisor and arranged acquisition financing with Brand Banking Company . “We see tremendous opportunity in not only the ability to lease-up a fully vacant building is a submarket we are very familiar with, but also to add future developments to the adjacent land,” Larry Kelly , president and Partner in Pope & Land, tells GlobeSt.com. “Nearly 30 acres of developable land is hard if not impossible to come by in the heart of North Fulton, and we are thrilled to get our hands on this building and site and start to create value.” Kelly points to the office asset’s location near Avalon and GA-400—that’s in the heart of North Fulton—as a “strong competitive advantage.” The office building is also next to 27 acres of land Pope & Land already owns, with frontage on both Old Milton and North Point Parkway. That, Kelly says, offers multiple opportunities for development, redevelopment and expansion in the future. “The North Fulton submarket continues to experience growth and gain attention, especially with the addition of Avalon in 2014,” says Lance Patterson of Patterson. “Although the building will soon be empty once Siemens vacates, P&L has been meticulous in its plans for the Property. I am highly confident that they will successfully lease-up the building due to its excellent location as well as their deep knowledge of the submarket and experience in this space.” The office property is located at 3333 Old Milton Parkway, just off GA-400 and only one mile east of North American Properties ‘ Avalon development. Across the street is the Alpharetta campus of Northside Hospital. Siemens built the office asset in 1987 and has owned and occupied it since. Siemens is vacating the property as part of office consolidation in the wake of a reorganization.