Atlanta Property Group On Prowl
Fresh from its latest Buckhead buy, Atlanta Property Group is scouting metro Atlanta for more office. As you can see from the photo, its recent purchase is well deserving of an award, "Most Likely To Be Confused For a Lego."
You've heard by now that APG purchased Northcreek Office Park last week, a four-building 536k SF office park off Northside Parkway for $72M from CBRE Investors. Why this property? APG's Court Thomas says at 90% occupied and mainly leased to small and local businesses. "We actually have pre-existing relationships with quite a few of the tenants at Northcreek."
Court says APG has no targeted amount for investment this year but only snaps up properties with "a compelling reason to buy." Some of those reasons sprang up in the past year, when APG bought Paces Cumberland and 1200 Ashwood (above).Court says there's still distressed property out there, "but not as much as there was a couple of years ago. Property values have rebounded... which has alleviated some of the pressure on property owners."
