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The REIT has partnered with several institutional investors for the deal, including BTG Pactual Timberland Investment Group, Highland Capital Management, Medley Management and a major Canadian institutional investor.
“Proven rent premiums for redeveloped units in this market make the community an excellent opportunity for a value-add addition to our portfolio,” says Wilkinson Corporation's George Waymire.
Built in 2010, the two-story facility is 31,764 square-feet and situated along Towne Lake Parkway, within a medical office cluster in one of the main retail corridors in Woodstock.
“A rapidly growing job base, increasing household income, and strong demand for quality apartments were all compelling reasons for developing this very well-positioned community," says Austin Knapp of Middleburg.
“Guardian had outgrown its existing premises and the 171 17th space, which could no longer accommodate all of our requirements, was a beneficial sublease solution for both parties,” says Sam Hollis, executive director at Cushman & Wakefield.
“Although 2018 is likely to see the highest level of new deliveries on record in Atlanta, we expect to see more record-low vacancies and moderate rent growth,” says Transwestern's Keith Pierce.
The state-of-the-art facility will feature an open-concept layout equipped with meeting rooms, collaborative workspaces and a training room with space for up to 70 people.