Atlanta – Transwestern’s Atlanta office today announces it has been tapped to exclusively lease and manage on behalf of SDM Partners its newly acquired two-building Northlake Center office portfolio totaling 406,000 square feet in Metro Atlanta’s Northlake submarket. The portfolio is comprised of the 295,000-square-foot, ten-story, institutional-quality tower at 2247 Northlake Parkway and the 111,000-square-foot, three-story property located at 2245 Northlake Parkway in Tucker, Georgia.
“With a growing residential and professional population and increased development, including the brand-new Tucker Meridian retail plaza immediately adjacent to the office properties, Northlake is heading in a positive direction for commercial real estate investment,” said Steven D. Martin, Managing Principal of SDM Partners. “We tapped Transwestern, with which we have a long-standing and proven business relationship, for market insight prior to the purchase. Upon signing the deal, continuing the relationship was a logical decision.”
Transwestern is tasked to procure high-quality tenants to occupy space in both properties. The assets – particularly 2245 Northlake Parkway – present the rare opportunity for a single tenant to occupy and uniquely brand either or both buildings. The 2247 Northlake Parkway Class A property’s rectangular 29,000-square-foot floorplates provide maximum tenant layout efficiencies. While the lease agreement with AT&T Services Inc., which previously fully occupied the portfolio, is still active and provides steady cash flow, new ownership can accommodate new tenants immediately.
According to Transwestern’s third-quarter 2017 Atlanta office market report, Class A vacancy in Northlake is one of the lowest among suburban submarkets, at 8.3 percent, and positive absorption underlines healthy demand.
“Office rental rates across Atlanta continue to rise and are especially high in both our urban and suburban markets,” said Bo Jackson, Transwestern Senior Managing Director and Partner. “In reaction to these increasing occupancy costs, forward-thinking companies are re-evaluating space and place requirements by leasing lower-cost workplace alternatives in submarkets such as Northlake. Importantly, the properties have already received high interest from strong prospective tenants.”
Located at the intersection of Northlake Parkway and Northlake Center Drive, the office properties provide immediate access to Interstate 285. The neighboring Tucker Meridian offers walkable restaurant and retail shops including Sprouts Farmers Market, DICK’s Sporting Goods, Einstein Bros. Bagels, Caribou Coffee, Jimmy John’s, and Newk’s Eatery, among others.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Southeast region, follow @TranswesternSE.
ABOUT SDM PARTNERS
SDM Partners is a private commercial real estate investment firm which focuses on acquiring opportunistic office, industrial, business parks, and related land sites throughout the Southeast U.S. region, particularly in metropolitan Atlanta, Georgia. SDM Partners has a track record of identifying and understanding investment opportunities early, given 34 years of market knowledge and relationships. The firm’s operating relationships provide a platform to deliver all of the necessary real estate services to create and maximize value, including property management, leasing, construction management, capitalization, accounting, and asset management. For more information about SDM Partners, please visit www.sdmpartners.com.