Harbert U.S. Real Estate Fund VI recently closed on a three building, Class-A office portfolio in Alpharetta, GA.
ALPHARETTA, GA—The Harbert United States Real Estate Fund VI, L.P. and the Simpson Organization have purchased a three-building office portfolio here.
The properties at 800 & 900 North Point Parkway (“800 & 900”) and 3905 Brookside Parkway in the Atlanta suburb of Alpharetta, total approximately 380,000 square feet of Class A space. No financial details of the transaction were released.
The Simpson Organization and the Harbert fund closed on the portfolio on April 8. They state that they intend to invest capital to address deferred maintenance items as well as to update and improve existing amenities. HUSREF VI is sponsored by Harbert Management Corp. of Birmingham, AL.
Specific planned improvements at 800 and 900 North Point Parkway include updating the café, conference center and fitness center, as well as further activating the plaza and outdoor spaces. 3905 Brookside Parkway is currently vacant and the joint venture states that it intends to implement an aggressive leasing strategy in order to stabilize the property.
3905 Brookside Parkway once housed operations of logistics software company Red Prairie Inc., which relocated its Atlanta metro headquarters to Scottsdale, AZ after being acquired by JDA Software in a $2-billion deal, according to a December 2012 report in the Atlanta Business Chronicle.
In late February, Harbert United States Real Estate Fund VI, L.P., in conjunction with BoundTrain Real Estate acquired 6400 and 6402 Arlington Blvd., two office towers totaling more than 400,000 square feet in Falls Church, VA.
BoundTrain and HUSREF VI closed on the property on Feb. 22 and stated at the time of purchase they intend to implement a major rebranding and refreshing of the property. Planned improvements include adding a tenant lounge, modernizing the conference center and fitness center, and activating the plaza and outdoor spaces.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
