The purchase price amounts to about $44 per sf, a figure thatindustry experts consider low in comparison to price tags forsimilar structures sold in the same area this year. Archonrepresentatives concede that a current occupancy of only 70% andsome repair problems contribute to the lower figure.

However--and not surprisingly--both Overlook and Archon statetheir contentment with the deal. "It's a pretty good transactionfor both sides," Dennis Mitchell of NAI /Brannen Goddard Co. tellsGlobeSt.Com. His firm represented Archon in the businessarrangement. "They acquired that asset as part of a much largerportfolio, so after owning it for a couple of years, this was theright time to sell." The arrangement frees Archon to focus on itslarger holdings.

The four-building complex represents just a chunk of CobbCounty's North by Northwest office park, which is located near I-75and Windy Hill Road. Mitchell is currently assisting Archon "in thedisposition of an additional Atlanta asset." He declines to givedetails since the deal is in progress.

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