Alpharetta Office Buildings Bought for $11.24 Million
The Westside Parkway properties are 89 percent leased by corporate tenants.
Atlanta-based OA Development announced today, Feb. 6 that it closed on a 135,000-square-foot property comprised of two single-story buildings in Alpharetta, marking the commercial real estate investment firm’s sixth acquisition in less than 15 months. OA Development acquired the building for $11.24 million using 44 percent equity and 56 percent debt capital provided by American National Insurance Company.
“The single-story office buildings in the Georgia 400 / North Fulton suburban sub-market are a rare find and offer a unique opportunity for businesses,” said OA Development partner Steve Berman. “This type of office product is in-demand because of its convenient access and is otherwise difficult to replicate because of the high land costs and lack of available acreage in Alpharetta, one of the most affluent areas in metropolitan Atlanta.”
The two adjacent office buildings, which were constructed in 1997, sit on approximately 13 acres at 2555 and 2573 Westside Parkway, along the recently completed key artery of the North Fulton business district. The buildings are currently 89 percent leased by four corporate tenants, including ADP, which has been a tenant since 2001. Tom Shafer of Resource Real Estate Partners LLC represented the seller.
“Closing on our sixth acquisition in such a short time span is a testament to OA Development’s thorough due diligence process, strong investor relationships and reputation for delivering sizable dividends in a challenging real estate market,” said Berman. “We continue to seek such opportunities to deliver good returns for our investors.”
About OA Development: OA Development specializes in buying and developing thriving commercial properties, including office buildings, industrial warehouses and flex properties. The company is delivering conservative, solid results for investors during the new economy. www.