ATLANTA—University Office Park, a collection of 21 mid- and low-rise office buildings located among 78-acres in a growth suburban infill office location within the Northeast office submarket, has traded hands. The sale price of the office building was not disclosed.
DRA Advisors sold the 1.2 million-square-foot suburban office park to an Atlanta-based investment group as a strategically-positioned asset in the Atlanta metro's high-growth Interstate 85 corridor. CBRE's Justin Parsonnet, Will Yowell, Jay O'Meara and Ryan Reethof represented DRA Advisors in the sale. CBRE will also retain the leasing and management.
“This is an area that is undergoing considerable redevelopment activity while maintaining the presence of such long-term stakeholders as the Center for Disease Control, IRS, and Department of Defense,” Parsonnet, CBRE executive vice president, tells GlobeSt.com. “It's a growth corridor and host to Atlanta's next wave of major redevelopment, as more traditionally defined neighborhoods and office submarkets are becoming denser.”
Owning the park for more than a decade, DRA Advisors created a desirable office park with entrenched anchors Center for Disease Control, FEMA and the IRS, among others. Importantly, the office property has begun capturing the shifting tenant demand in the corridor as evidenced by its signing of publicly-traded information technology services firm WiPro Limited. Serving as the firm's new operations hub and training center, CBRE helped DRA Advisors leverage this momentum and set a vision of the park's future potential.
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The Northeast corridor has seen significant redevelopment in the last few years, with the Integral Group's transformation of the former General Motors plant into the Assembly, Emory University's and Children's Healthcare's massive redevelopment of the eastern portion of the Interstate 85/North Druid Hills interchange into a regional medical node anchored by a new $1.3 billion hospital. With significant frontage and signage opportunities along Interstate 85 and proximity to high-demand intown residential neighborhoods, University Office Park provides an investment with diverse value enhancement opportunities.
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