NORCROSS, GA-Kansas City, MO-based Block and Co. has acquired the 98,040-sf Two Sun Court class A office building at the intersection of Spalding Drive and Engineering Drive. The property was acquired from DISA, LLC.

The acquisition price was not revealed, but according to real estate sources the price was close to $17 million. “The acquisition fit our overall strategy of acquiring quality office buildings in prime locations,” says Block and Co. director of acquisitions Brian Beggs. “The Peachtree Corner submarket is improving dramatically.”

Atlanta-based Sterling Equity Advisors LLC managing director Peter Fish represented Block in the transaction by placing equity on behalf of Block for the purchase. The equity was placed with an unnamed real estate private equity investor. The transaction was the second under a $200-million equity joint venture program established by Sterling Equity, Fish tells GlobeSt.com.

“This is a good fit for the equity joint venture program we have established between Block and our equity investor because they share similar investment objectives,” Fish says. “Block needed a co-investor for the acquisition. The equity placed provided moderate senior leverage on the asset.”

Two Sun Court is a four-story building on close to seven acres with 610 surface parking spots, or a 6.2 spots per 1,000-sf ratio. The property is 96% leased to tenants including SolarCom, Metcalf & Eddy and Meadows & Ohly. The building is in close proximity to Peachtree Parkway (Georgia Highway 141). “The building has the most parking in the submarket,” Beggs says.

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