The seller, a private Atlanta-based real estate investment company, was represented by Brad Rodgers, Chris Riley and Frank Fallon, of CB Richard Ellis' Atlanta office. The acquisition was made on behalf of BPG Investment Partnership VII, L.P., a $550-million private equity fund.

The acquisition complements the company's December acquisitions of Northlake Business Center and Atlantic Distribution Center. "These purchases keep with our strategy to significantly build our portfolio in the Metropolitan Atlanta area," says BPG senior vice president Roy Perry, who oversaw the acquisition with project executive George Haines.

Plaza 85 is a nine-building park located on 14.3 acres. It consists of seven flex buildings and two single-story office buildings with a total of 39,000 sf. Four of the flex buildings feature drive-in loading while the other three flex buildings feature a combination of dock high and drive-in loading. The park is located one-quarter mile form the interchange of Interstate 85 and Jimmy Carter Boulevard and four miles east of Interstate 285, Atlanta's major artery.

"This transaction offered the ability to acquire an established flex business park below replacement cost, and within a submarket that is experiencing low vacancy rates and a limited opportunity for new construction," Perry says. "Plaza 85 also benefits from its visibility from Interstate 85 and immediate access off Jimmy Carter Boulevard."