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ALPHARETTA, GA-While class B office buildings don’t often reap the headlines of class A transactions, two structures in this Atlanta suburb netted the owner a respectable gross price of approximately $8.2 million or $104.24 per sf.

Baltimore-based Alex Brown Realty and joint venture partner Precision Associates of Atlanta purchased the 75%-leased two-story properties at 675 and 695 Mansell Rd.

Carter’s Harold Wyatt, who brokered the transaction, tells GlobeSt.com the deal was completed in 90 days, from contract signing to closing despite a soft office market in Fulton County. “This asset leased well in a stable market and is well-located,” Wyatt says. The new owners plan to hold the assets as a long-term investment.

Wyatt says the deal was done at this time because “it was time for the seller to exit the assets.” The average asking base rent is $17.50 per sf. The buyers represented themselves in the transaction.

The first of the two buildings was built in 1999 and was quickly leased, Wyatt says. He handled preleasing at both properties. The second building was completed in 2001. Among the national tenants at the two properties are Yum Brands, BellSouth Advertising, Publishing Network Associates and the Peachtree Bank.

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