Lutz, a 40-year-old developer and re-developer of commercial and multifamily properties, paid Income and Growth Fund I and II LP $92.35 per sf for the 22-year-old, 86%-leased, 471,034-sf asset. Two separate divisions of Coca-Cola Co. have been tenants in the park for over 15 years.

"This acquisition was an opportunity for us to acquire an attractive, long-term investment in one of our key markets," says Adam M. Lutz, the company's chief investment officer. "With Coca-Cola's long history at Northbridge, we consider the business park to be a stabilized asset with an upside potential." The park was built in two phases in 1982 and 1984.

He says the current occupancy of 86% is "well below" Northbridge's 20-year occupancy history. "We have leases out for signature that would bring the occupancy higher," Lutz tells GlobeSt.com. "The park has a long history exceeding 90% occupancy."

Coca-Cola North America anchors the park, occupying 173,857 sf through 2011. Coca-Cola Enterprises occupies 40,593 sf through 2014. "The well-landscaped park offers tenants a unique niche, combining high-quality, single-story office space while also providing a warehouse flex component for R&D, production and storage space," Lutz says.

Lutz has retained Trammell Crow Services Inc. as property management and leasing broker. Nancy D. Bryan will remain as property manager and will be relocating her office from Crow's headquarters to Northbridge. William Kee and J. Patrick Murphy will remain as leasing representatives.

Acquisition financing was arranged through iCap Realty Advisor's Michigan office led by Ken Marblestone, managing director. Funding was provided by UBS Real Estate Investments Inc., represented by director Matthew Kirsch. LaSalle Investment Management of Chicago was the seller's advisor. Chris Riley and Brad Rodgers of Trammell Crow's Atlanta office negotiated the transaction for Income and Growth Fund I and II.

Lutz's other metro Atlanta investments are a joint venture ownership in the 125,000-sf Peachtree Lenox office building in Buckhead, GA and a land parcel in Buckhead which will be developed into a $50-million, for-sale residential condominium development, Adam Lutz tells GlobeSt.com. The company continues to scout for acquisitions of individual properties in the $20-million to $75-million range, as well as larger portfolios of assets on property types that include office, industrial, retail, hotel and multifamily, Lutz says.

"We are seeking to acquire properties that will provide an entry into other key growth markets as well as properties that either strengthen an existing relationship or enhance existing holdings," Lutz says.