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ATLANTA-Santa Ana, CA-based Triple Net Properties LLC has acquired the 438,000-sf 200 Galleria class A office building for $81.5 million. The 20-story asset is within the 85-acre Galleria shopping and office complex.

200 Galleria is currently 83% leased to 55 tenants, including Buck Consultants, Mauldin & Jenkins and Mid-Atlantic Financial Services, Inc. Space rents in the building for $22 to $24 per sf. Triple Net Properties senior real estate analyst Steve Leathers tells GlobeSt.com that the property was acquired at below replacement cost. “This property has great visibility and it’s located in one of the submarkets of Atlanta that we feel is well positioned for a turnaround,” Leathers says.

The property is located at the intersection of Interstates 285 and 75, offers immediate access to US 41 and is in close proximity to Hartsfield International Airport. The property includes a seven-level parking facility with more than 2,500 spaces. It interior includes two, three-story atriums paved with matching granite, large area rugs and touch-screen directories.

Leathers says plans for the property are to spend $1 million in capital improvements and lease the vacant spaces. He adds that Triple Net plans to acquire more property in Atlanta, which is experiencing job growth three times the national average and a median income level that is 25% over the national average. “We’re bullish on Atlanta,” he says. “Over the next few years, we’ll see a city that is becoming a world city.”

The sellers, which were not named, were represented by Stewart Calhoun, of Cushman & Wakefield. Financing was provided by Lehman Brothers, arranged by Chris Dornin, of Buchanan Street Partners.

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