ATLANTA—Lakeside Office Park, a nearly 400,000-square-foot office complex in Atlanta's Central Perimeter submarket, has traded hands. Crocker Partners grabbed the five-building office asset for $40 million.
Lincoln Property Company Southeast teamed up with CBRE to broker the sale of the asset. Tony Bartlett and Chip Sipple of Lincoln and Jay O'Meara, Will Yowell, and Ryan Reethof of CBRE represented the seller, MLGP Lakeside, a subsidiary of MetLife.
Lakeside Office Park is entitled for up to 700,000 square feet of office space, 520 apartment units, and 8,000 square feet of retail space. Lakeside's location in the increasingly strategic Central Perimeter submarket, coupled with its value-add potential for leasing and future development, garnered significant interest from the investment community.
“We encountered a very healthy interest in this property in the marketplace, as it offers the opportunity to execute multiple investment strategies,” Bartlett, senior vice president at Lincoln who oversees the firm's Atlanta office, tells GlobeSt.com. Lakeside Office Park's five buildings total 398,916 square feet.
Located at 5775 Glenridge Drive, the office property occupies a 26-acre site at the northwest quadrant of the most visible intersection in the metro area, Interstate 285 and GA 400. Over 400,000 cars pass through this interchange every day, making it one of the most strategic locations in the entire Southeast.
“Crocker Partners can continue to operate Lakeside as a very marketable office park, or they can selectively take advantage of the property's entitlements to redevelop it as a mixed-use site in the heart of one of Atlanta's most vibrant submarkets,” O'Meara, a senior vice president at CBRE, tells GlobeSt.com. The office property is zoned to accommodate mixed-use development.
Lakeside Office Park has clearly grown and appreciated over the years. Overlook Partners purchased the park in 2001 for $4.5 million. At that time, it the size of the park was about 102,000 square feet. Should Crocker redevelop this strategic site?
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