Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Lakeside Office Park has changed hands as Overlook Partners LLC purchases the 102,000-sf complex in a $4.5 million deal. The seller is Texas-based Archon Group LP, a subsidiary of Goldman Sachs.

The purchase price amounts to about $44 per sf, a figure that industry experts consider low in comparison to price tags for similar structures sold in the same area this year. Archon representatives concede that a current occupancy of only 70% and some repair problems contribute to the lower figure.

However–and not surprisingly–both Overlook and Archon state their contentment with the deal. “It’s a pretty good transaction for both sides,” Dennis Mitchell of NAI /Brannen Goddard Co. tells GlobeSt.Com. His firm represented Archon in the business arrangement. “They acquired that asset as part of a much larger portfolio, so after owning it for a couple of years, this was the right time to sell.” The arrangement frees Archon to focus on its larger holdings.

The four-building complex represents just a chunk of Cobb County’s North by Northwest office park, which is located near I-75 and Windy Hill Road. Mitchell is currently assisting Archon “in the disposition of an additional Atlanta asset.” He declines to give details since the deal is in progress.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.