Duke Realty sells Atlanta Business Park
Duke Realty Corp. has sold six office buildings totaling 298,433 square feet that form part of Camp Creek Business Center, a 400-acre campus including 2.9 million square feet of industrial and office development in East Point, Ga.
Savlan Capital acquired the portfolio for $33.2 million. David Tennery and Noël Steinfeld of JLL represented both parties in the allcash transaction.
The assets is located at 1000, 1100, 1200, 1400,1800 and 2000 Centre Parkway. The assets are situated approximately 5 miles west of Hartsfield-Jacksın Atlanta International Airport in the Aerotropolis West Community Improvement District. Downtown Atlanta is 13.3 miles northeast and the immediate are abounds in entertainment, dinig and retai.
The office portfolio features a mix of concrete tilt-up and split-face block buildings with tinted windows, 14-foot ceilings and Early Suppression, Fast Response (ESFR) fire safety systems. Savlan Capital plans to invest $2.5 million in property upgrades targeting building exteriors, unit interiors, signage, landscaping and tenant amenities.
The buildings were 79.3 percent leased at the time of sale, the tenant mix including Sto Corp., DoverStaffing, Hopebridge, Jaguar Land Rover Automotive North America, Keller Williams and Primerica. Cushman & Wakefield was appointed for property management and leasing.
The Camp Creek business park is the Savlan Capital’s first investment in the Atlanta market and the ninth property in its portfolio of multifamily, flex business park and office assets in Georgia, Florida and Texas. In October, the company acquired a 194,400-square-foot office and industrial asset in Jacksonville, Fla., for $18.3 million.
Source: CP Executive
Fulya Altunyay/[email protected]