CarrAmerica entered the metro area market in 1997 with the $128-million purchase of Peterson Properties' portfolio. Local industrial brokers familiar with CarrAmerica's properties and independent construction industry estimators tell GlobeSt.com the replacement value today of the 11 buildings would be about $240 million. They base their estimate on today's average hard construction cost of class A buildings at about $150 per sf.
Among CarrAmerica's local assets are Embassy Row in Fulton County, the Midori building in Gwinnett County and Spalding Ridge. CarrAmerica is leaving the area for better-performing markets in other parts of the country, local industrial brokers in a position to know tell GlobeSt.com. San Francisco, Seattle and Washington, DC are among the company's stronger investment areas.
CarrAmerica's nine-month financials show its local business is about 5% of its $60 million net income, brokers tell GlobeSt.com.
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