NORCROSS, GA-An affiliate of Arizona-based Sun 1031 LLC, Sun Holcomb 1031 LLC, has acquired three of the four buildings in Spalding Woods Office Park at 3850 Holcomb Bridge Rd. for $11.9 million. The three buildings total 100,530 sf.

Gary Lee represented the buyer in the transaction. The sellers were Spalding Woods Management LLC and Spalding Woods Partners LLC, which are entities of Atlanta-based Fialkow & Co. Fialkow acquired the entire four-building, 133,570-sf office park from Transwestern in November 2003 for $9.5 million. The remaining 30,500-sf building will be kept in the company’s portfolio until it is fully leased.

Fialkow & Co. general manager Emanuel Fialkow tells GlobeSt.com that selling the properties was part of the company’s strategic plan. “We buy underperforming properties and lease them up,” Fialkow says. “When they hit occupancy levels in the 90s, then we sell them. We held this property for 40 months which is about average for us.”

This is the latest sale for Fialkow, which has been actively buying and selling property in the Atlanta market over the past few years. In July 2006, Fialkow sold the three-building, 110,691-sf Phoenix Business Park at 2700 NE Expressway in Atlanta to Sun 1031 LLC for nearly $10.88 million. The asset was acquired from Denholtz Associates in October 2001 for $7.2 million. On Dec. 15, 2006 Fialkow acquired the Veridan Office Park in Norcross from Dallas-based Sarofim Realty Advisors for $5.73 million and then sold it on Jan. 30 to an undisclosed buyer for $7.35 million.

Fialkow adds that the company will continue to pursue similar types of deals. “Right now our focus is on the northeast suburbs of Atlanta,” he says. “We’ve placed several letters of intent on properties. We’re bullish on the Peachtree Corner submarket.”

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