Cornerstone retained brokers Greg Frankum, Mike Aiken and Ondria Jett of CB Richard Ellis Inc.'s local office to market and lease the 75%-occupied office park. CBRE senior vice president Will Yowell, Justin Parsonnet and Jay O'Meara negotiated the sales transaction for the seller.
"This was a win-win situation for all parties involved," says Yowell. The deal was done at this time because STRS "was looking to take advantage of favorable capital market conditions in selling this quality asset." He adds, "Crown Pointe is currently well-positioned to take advantage of the improving Atlanta economy, thus providing Cornerstone with an attractive return on their investment."
The property is located Crown Pointe Parkway and Perimeter Center West Parkway, with easy access to GA 400, Interstate 285 and beyond to Interstates 75 and 85, Yowell says. The 1040 Building was constructed in 1985; the 1050 Building was constructed in 1989.
The average asking base rent range is $20 to $21 per sf. Yowell would not tell GlobeSt.com how long the deal took to complete. However, he says there were no special challenges or environmental hurdles the buyer, seller or brokers had to overcome before closing the deal.
In a separate transaction, the Columbus, OH-based pension group sold a five-acre parcel to Crown Pointe Associates LP for nearly $4.3 million or $850,000 per acre ($19.51 per sf). CBRE's Yowell, Parsonnet and O'Meara also brokered that sale.
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