ATLANTA—SDM Partners is turning all the cranks at its newly-acquired two-building Northlake Center office portfolio. The office assets span 406,000 square feet in Metro Atlanta's Northlake submarket.
SDM tapped Transwestern's Atlanta office to lease and manage the office properties. The office portfolio includes 295,000-square-foot, 10-story, institutional-quality tower at 2247 Northlake Parkway and the 111,000-square-foot, three-story property located at 2245 Northlake Parkway in Tucker, GA. The office properties offer fast access to Interstate 285. The neighboring Tucker Meridian offers walkable restaurant and retail shops.
“The ideal opportunity for a single tenant or multiple tenants to occupy and brand the buildings is unique in the growing Metro Atlanta submarket of Northlake, especially on high-trafficked Northlake Parkway,” Jeff Taylor, Transwestern senior vice president, tells GlobeSt.com. “Additionally, the variety of popular and new area amenities and proximity to Interstate 285 enhance the workplace appeal of the assets, and we anticipate continued high interest from potential tenants.”
As Martin sees it, the office assets—particularly 2245 Northlake Parkway—present a rare opportunity for a single tenant to occupy and uniquely brand either or both buildings. The 2247 Northlake Parkway class A property's rectangular 29,000-square-foot floorplates provide maximum tenant layout efficiencies. The office lease agreement with AT&T Services, which previously fully occupied the portfolio, is still active and provides steady cash flow, new ownership can accommodate new tenants immediately.
“With a growing residential and professional population and increased development, including the brand-new Tucker Meridian retail plaza immediately adjacent to the office properties, Northlake is heading in a positive direction for commercial real estate investment,” says Steven D. Martin, managing principal of SDM Partners. According to Transwestern's third-quarter 2017 Atlanta office market report, class A vacancy in Northlake is one of the lowest among suburban submarkets, at 8.3%, and positive absorption underlines healthy demand.
“Office rental rates across Atlanta continue to rise and are especially high in both our urban and suburban markets,” says Bo Jackson, Transwestern senior managing director and partner. “In reaction to these increasing occupancy costs, forward-thinking companies are re-evaluating space and place requirements by leasing lower-cost workplace alternatives in submarkets such as Northlake. Importantly, the properties have already received high interest from strong prospective tenants.”
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