Crocker Buying MetLife's Lakeside Office Park for $40M
Sources tell us that Crocker is under contract to purchase Lakeside Office Park, the five-building, 400k SF mid-rise complex off Glenridge Drive in Sandy Springs.
The deal caps off MetLife's eight-year ownership of the complex, which it bought in 2007 for $62.2M, according to Databank. Officials with Crocker and Lincoln Property (which leases the center) did not respond to calls. And CBRE's Will Yowell confirmed his team has been marketing the property for sale, but declined to confirm our report.
Regardless, Crocker is gaining what could be one of Sandy Spring's prime redevelopment opportunities at a time when Corporate America appears to have rekindled its romance for all things Central Perimeter. And after some legal wrangling with the City of Sandy Springs, the property was ultimately rezoned to a mixed-use designation in a compromise, according to the Sandy Springs Patch. That could give Crocker a potential valuation boost down the road. Sources say the firm is expected to close on the complex as early as this week. Crocker has been on a buying spree in recent years both in metro Atlanta and beyond. The firm purchased Atlantic Center Plaza (here)--the affectionately known Mini Me building in Midtown--back in 2013.
