Kerry Armstrong, senior vice president in Duke's Atlanta office, tells GlobeSt.com he can't disclose the purchase price, seller's name or average asking rents because of a confidentiality clause in the sales contract. However, area brokers familiar with the Alpharetta office submarket, tell GlobeSt.com the property probably was sold in the $18-million range, based on a replacement cost of about $125 per sf.
Armstrong says the transaction "further enhances our growing position in the GA 400 corridor, one of the best suburban office markets in Atlanta." Duke has about one million sf of class A office product in north Fulton County.
Armstrong notes Preston Ridge IV's occupancy of 90.3% at closing compares with a 76% average occupancy "at most office buildings" in north Fulton County. The tenant roll at Preston Ridge IV includes Publix Direct, Silicon Graphics, US Healthworks, Arthur J. Gallagher & Co., Evercare Products Corp and General Mills Sales. Armstrong says an institutional investor previously owned the property.
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