1544 Old Alabama Road, Roswell, GA
ATLANTA, GA—RD Sharma acquired two office buildings, located at 1544 Old Alabama Road and 900 Holcomb Woods Parkway, in Roswell, an affluent suburb north of Atlanta, for $13.6 million.
The three-story, 70,000-square-foot building on Old Alabama Road is situated on a 6.28-acre lot with two points of access and ample parking. McCalla Raymer Leibert Pierce, a full service residential and commercial real estate legal services firm, occupies the entire building. RD Sharma recently sold the two-story, 20,000-square-foot building on Holcomb Woods Parkway to a corporate user. The move reflects the high demand for commercial space in the submarket, especially near the Georgia 400 corridor, which is experiencing massive growth.
Eva Horton, managing director at NKF Capital Markets, represented LNR Partners, the seller. Located on either side of Holcomb Woods Parkway, the office buildings offer easy access to Holcomb Bridge Road and Georgia 400 from Old Alabama Road.
“With the recent renewal of the McCalla Raymer lease,” says Horton, “this sale offered the perfect opportunity for an investor to purchase a stable, single-tenant office building in a strong Atlanta submarket, while benefiting from the value-add component of a smaller 20,000-square-foot building – a combination not often seen.”
According to NKF Research, Atlanta's office investment sales experienced the second-highest mid-year total in five years, with a 6.7 percent rise in average price per square foot from the end of 2017. With a $13.6 million price tag, the two-property office portfolio equates to $151 per square foot, which is just below Atlanta's mid-year average of $181 per square foot, and well above the low of $30 per square foot.
“We are appreciative of our longtime partnership with the NKF Capital Markets team, and their strategic guidance through every step of the disposition,” says Mark Miller, senior vice president of LNR Partners. “NKF Capital Markets exceeded our expectations in terms of quickly identifying the buyer and masterfully negotiating the sale.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
