NORCROSS, Ga. – RealOp Investments, a Greenville, South Carolina-based commercial real estate investment firm, recently acquired The Corners Office Park for $31.5 million from Glenfield Capital.
The Corners Office Park is a four-building office portfolio totaling 290,924 square feet in the Peachtree Corners submarket of Atlanta. Located in Norcross, Georgia, at 6025, 6075, 6525 and 6575 The Corners Parkway, it was 63% leased at closing. This acquisition offers ample parking and a dynamic tenant roster including Sprint, SaaS Optics, Q2 Software, Digital Envoy, United States Tennis Association and Prosys Corp.
Recently renovated in 2007, 2015 and 2018, these assets have undergone significant capital improvements including upgraded lobbies, outdoor amenity areas, a refreshed fitness center, a new café and modern finishes throughout.
“This purchase is part of our ongoing strategy to acquire strategically located properties which provide upside through leasing, property improvements and other value-add initiatives,” said Julian Nexsen, RealOp’s vice president of acquisitions. “The property was purchased at an attractive basis, and we believe this opportunity gives us an irreplaceable location and the ability to offer rents at very attractive rates, consistent with our investment strategy.”
CBRE Inc.’s Tom Shafer and John Hinson acted as the seller’s exclusive advisors. RealOp was self-represented in the transaction.
“Glenfield was at the end of our investment horizon with the Corners after five years. Tom Shafer and team did a great job getting this transaction closed. Shafer is the consummate dealmaker, and he created a win-win for us and the buyer,” said James P. Cate, managing principal of Glenfield Capital.
The Corners is positioned to take advantage of the surrounding area’s surging population growth, rising rental rates, “suburban-urban core” amenity base, as well as its access to a quality, well-educated labor pool, Nexsen said. Additionally, Peachtree Corners has become a technology corridor in Atlanta attracting many tech companies including ASHRAE (HQ), Brightree (HQ), CGS, Alogent, AMPS (HQ), Comcast (Regional HQ), NAC International (HQ), and Presidio.
RealOp will be implementing a spec suite program to meet growing demand from prospective tenants seeking 2,000-4,000 square feet. Other planned renovations will help build on the assets’ recent momentum. Available suite sizes range from 1,500-60,000 square feet of contiguous space, making The Corners an attractive option to small local users and large national tenants.
“Initial marketing and outreach efforts will highlight our ability to provide tenants with high-end, updated spaces in a very attractive and accessible location,” said Chip Hunt, RealOp’s vice president of leasing. “The Corners offers a vibrant, distinctive environment which helps our tenants attract and retain top-tier talent while benefiting the surrounding community.”
This marks RealOp’s second acquisition this year in the Atlanta MSA. The first was Breckinridge Office Portfolio, a 12-building, 560,000-square-foot, single-story office park located in the northeast submarket.
Leasing inquiries:
Matt Davis
Lincoln Property Company
3405 Piedmont Road, NE | Suite 450 | Atlanta, GA 30305
D: 404.924.2814 | O: 404.266.7600 | M: 404.429.7464
George Gwaltney
Lincoln Property Company
3405 Piedmont Road, NE | Suite 450 | Atlanta, GA 30305
D: 404.266.7605 | M: 404.245.6203
About RealOp Investments:RealOp Investments is a commercial real estate investment company founded in 2009 specializing in value-add and opportunistic acquisitions. With deep roots in the Southeast, our investment strategy spans all commercial asset classes and is based on a relationship-driven pursuit of value; not only in identifying off market opportunities, but in creating value through innovative capitalization structures, management expertise and the execution of unique strategies tailored to each asset. The firm was named the 2019 Greenville Chamber Small Business of the Year, and one of the Top Ten Fastest Growing Companies in the state of South Carolina for 2018. Learn more at www.realopinvestments.com.
