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ATLANTA-The long awaited sale of locally based Brookdale Group LLC’s 22-building, 3.1-million-sf class A office portfolio has been completed. A European buyer outbid a dozen rivals for the properties in seven major markets, including Atlanta, brokerage and marketing sources in a position to know confirm for Globest.com. The buildings have been on the market since June and the estimated price was $550 million.

Brookdale principals and other parties associated with the sale couldn’t be reached by GlobeSt.com’s publication deadline. However, area brokers tell GlobeSt.com Brookdale has confirmed the deal has been done but declines to comment on the price, terms of the contract or what management changes will be made at the properties. The buildings are in Atlanta; Orlando; Tampa, FL; Raleigh, NC; Louisville, KY; Richmond, VA; and Houston.

In metro Atlanta, the properties include Deerfield Corporate Centre One and Two, each132,600 sf in suburban Alpharetta; and four buildings at 300, 400, 600 and 800 Satellite Place in suburban Duluth.

The disposition was formally completed by Brookdale Investors Four, an investment fund of the 11-year-old Brookdale Group. The company will use most of the proceeds to invest in Brookdale Investors Five, its newest fund that has already raised a reported $460 million, brokers following the company’s progress tell GlobeSt.com.

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