Invesco Sells Atlanta Office Portfolio for $47M

ATLANTA—Invesco Real Estate has sold off some of its Atlanta-area commercial real estate assets. Invesco has disposed of Preston Ridge I and Windward Fairways I & II, located in Alpharetta, GA for $47.25 million, or $109 per square foot.

Cushman & Wakefield executive director David Meline, along with executive director Stewart Calhoun, director Samir Idris, and senior associate Casey Masters, represented the seller. Cornerstone Real Estate Advisers, a real estate investment firm based in Hartford, CN, and an indirect subsidiary of Massachusetts Mutual Life Insurance Company, acquired the office portfolio.

“This transaction had many of the classic value-add attributes investors are currently seeking, namely, high-quality, well-positioned buildings with a strong, diversified tenant roster in a recovering market,” Meline tells GlobeSt.com. “As a result, the pool of bidders was deep. The quality of bidders was impressive, including the ultimate purchaser, indicating a return of the institutional investor to the outer-suburban submarkets of Atlanta.”

Developed by Childress Klein Properties in 1997, the office portfolio includes three, six-story class A office buildings totaling 432,000 square feet. Preston Ridge I is part of the master-planned Preston Ridge office park adjacent to the Northside Hospital Medical Campus at the GA 400/Old Milton Highway interchange. Windward Fairways I & II are located along Windward Parkway, adjacent to the Golf Club of Georgia and just east of GA 400. The buildings are collectively 72% leased to 25 tenants with a weighted-average remaining lease term of six years.

According to CushWake, the GA 400 submarket continues its steady recovery throughout 2012, recording over 350,000 square feet of positive net absorption. That's a one percentage point decrease in vacancy, slightly improving rental rates, with no new speculative construction since 2008 and no planned projects on the horizon.