ATLANTA-The owner of the 231,656-sf Breckenridge Center has received $18.2 million in acquisition financing.

CB Richard Ellis Melody's South Florida office group senior director Charles Foschini, CB Richard Ellis institutional group executive vice president Christian Lee and CB Richard Ellis investment properties group associate Christopher Apone arranged the financing through a correspondent lender on behalf of America's Capital Partners.

The five-story property is located near the Gwinnett Place Mall adjacent to the Interstate 85 and Pleasant Hill Road interchange in the city's northeast submarket. It is one of the properties in the Breckenridge master planned business park. Lee tells GlobeSt.com that the building is a high-quality flex building that is not fully leased. "There is a lot of upside potential with that building. The buyer plans to lease it up," he says.

According to a Cushman & Wakefield Q3 office market report, the northeast Atlanta office submarket has 19.8 million sf of space with 390 buildings. The overall vacancy rate for the quarter was 16.4% with a direct vacancy rate of 15.7% direct vacancy rate. During the first three quarters, there has been 1,031,537 sf of leasing activity with 167,336 sf of positive absorption. The average asking rental rate was $19.39 per sf. "This is the ideal time to buy in the northeast market," Lee says. "All the fundamentals suggest that leasing activity will be strong."