The INOP development is located at the intersection of I-75 and I-285, neighboring the new Atlanta Braves baseball stadium. Smith says he anticipates further activity at the complex throughout the year. Jimmy Ullrich of Stan Johnson Company negotiated the deal on behalf of Rubenstein

“Interstate North Office Park is what we call, 'S-Urban,' blending the convenience of a suburban office park with the amenities of an urban environment,” Ullrich says. “Between the proximity to the Braves work-live-play development and the building's open and collaborative build out, 150 Interstate North attracted significant interest. The low cap rate demonstrates that suburban office is coming back into favor with national net lease investors.”

Interstate North Office Park sits on 67 acres in the Northwest submarket, one of Atlanta's leading office locations. Rubenstein is currently implementing a capital improvement plan to create functional outdoor common areas, improve building lobbies and restrooms, and upgrade building systems to create a unique class A office environment in a transforming submarket.

This was a strategic exit for Rubenstein, especially giving the rising challenges some see for investors in 2017. Todd Stofflet, managing partner at KIG CRE, expects fierce competition for properties this year. (Some are also saying Atlanta may be more recession-resistant than most other cities in America.)

“Developers will face increased difficulty in executing debt for new projects,” Stofflet tells GlobeSt.com. “Interest rate increases will elevate cap rates, which in turn will create a disconnect between buyer and seller expectation. This will make acquisition and dispositions more challenging than we have seen in the past couple of years.”

ATLANTA—150 Interstate North Parkway, a 61,000 square-foot office building within the Interstate North Office Park office park complex in Northwest Atlanta, has traded hands. Rubenstein Partners sold the asset to a 1031 exchange buyer headquartered in California for over $177 per square foot.

“Our focus as an investor is to acquire well-located properties, apply our vertically integrated platform to increase value, and opportunistically explore dispositions,” says Taylor Smith, regional director of Southeast for Rubenstein. “We believed that the INOP complex offered significant potential upside when we purchased it, and this initial building sale reflects that belief.”

Rubenstein purchased the multi-building office development in early 2016. The transaction represents the firm's first sale of a property within the INOP complex since taking ownership.

“Our repositioning plan began as soon as we purchased the office park and we quickly received interest from both investors and tenants in the market,” Smith explains. “In this case, we found a buyer attracted to the property's proximity to SunTrust Park and the Battery, excellent accessibility, and long-term value.

The INOP development is located at the intersection of I-75 and I-285, neighboring the new Atlanta Braves baseball stadium. Smith says he anticipates further activity at the complex throughout the year. Jimmy Ullrich of Stan Johnson Company negotiated the deal on behalf of Rubenstein

“Interstate North Office Park is what we call, 'S-Urban,' blending the convenience of a suburban office park with the amenities of an urban environment,” Ullrich says. “Between the proximity to the Braves work-live-play development and the building's open and collaborative build out, 150 Interstate North attracted significant interest. The low cap rate demonstrates that suburban office is coming back into favor with national net lease investors.”

Interstate North Office Park sits on 67 acres in the Northwest submarket, one of Atlanta's leading office locations. Rubenstein is currently implementing a capital improvement plan to create functional outdoor common areas, improve building lobbies and restrooms, and upgrade building systems to create a unique class A office environment in a transforming submarket.

This was a strategic exit for Rubenstein, especially giving the rising challenges some see for investors in 2017. Todd Stofflet, managing partner at KIG CRE, expects fierce competition for properties this year. (Some are also saying Atlanta may be more recession-resistant than most other cities in America.)

“Developers will face increased difficulty in executing debt for new projects,” Stofflet tells GlobeSt.com. “Interest rate increases will elevate cap rates, which in turn will create a disconnect between buyer and seller expectation. This will make acquisition and dispositions more challenging than we have seen in the past couple of years.”