NORCROSS, GA-Irvine, CA-based Sperry Van Ness Equities will acquire the 11-building Oakwood portfolio with just over $33.2 million in financing from Chicago-based Wrightwood Capital.
The portfolio consists of three sites on approximately 50 acres, including Oakbrook Center, Oakbrook Tech Center and the Oakbrook Research Center. The properties include nine single-story flex buildings, a one-story office building and a two-story office building. The buildings range in size from 28,947 to 101,724 sf. The property is located within two miles of Interstate 285, which surrounds the Metropolitan Atlanta area.
Sperry Van Ness Equities intends to make capital improvements to the space and begin an aggressive marketing campaign. Sperry currently manages or owns more than 26 office and industrial properties. "Given this level of experience, the demand in the Atlanta market for this type of project in this location and their previous project success, we felt that the Oakbrook portfolio business plan was well positioned as well," says Wrightwood Capital eastern regional director Frank Sullivan in a prepared statement.
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