Brookwood paid Lakewood 1955 LLC of about $109.14 per sf for the 20-year-old, 86,583-sf building in the Cumberland, Interstate 75 and Interstate 285 submarket. The property is 91% leased.
"This property was an attractive investment for us because of its limited near-term roll, quality tenants and favorable location" 18 miles north of the Hartsfield-Jackson Atlanta International Airport, says Scott Bashaw, Brookwood's managing director. The tenant roll includes Arch Chemicals Inc., Atlanta Bread Co. Inc. and Inland Southern Management Corp.
"Our current strategy is to acquire properties in markets showing early signs of recovery, like Atlanta, with indications of solid job growth," Bashaw adds. "We believe in the improving fundamentals of the Atlanta office market and will continue to seek out investment opportunities similar to 1955 Lake Park Dr." Brookwood also owns Cobb Corporate Center, a two-building, 82,984-sf property in suburban Marietta.
Since its founding in 1993, the private equity firm and its affiliated entities have purchased real estate and corporate securities with a total initial capitalization of about $700 million. Brookwood's portfolio consists of office, retail, industrial and research, and development properties.
CB Richard Ellis Inc. brokers Gary Lee and Tony Swann represented Lakewood 1955 LLC in the acquisition transaction.
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