ALPHARETTA, GA-Hobbs Brook Management LLC has acquired the Preston Ridge III office building here for approximately $15 million.
The new owner, a unit of commercial property insurer FM Global, acquired the building from Germania Properties. The largest tenant at the six-story, 150,000-square-foot office building is FM Global, which leases more than 43,000 square feet at the building, according to the Atlanta Business Chronicle. The property currently has a vacancy rate of 17%.
Bob Ward of Colliers International-Atlanta and Bob Johnson of Jones Lang LaSalle Inc. brokered the sale of the building. See story in the Atlanta Business Chronicle.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
