ALPHARETTA, GA-Santa Ana, CA-based Triple Net Properties LLC has acquired the 193,000-sf Parkway 400 class A office complex on behalf of tenant-in-common investors. The seller of the property was Transwestern SF Partners I, LP.

The seller was represented by Kevin Markwordt of Transwestern Commercial Services. Financing was provided by Wachovia Bank N.A. and arranged by David Pike. The acquisition price was not released.

Parkway 400 consists of two buildings, one with two stories and one with six stories. The buildings face a common landscaped courtyard featuring a central green space and walking paths. It is located along Old Milton Parkway within a few hundreds yards of Georgia State Route 400. The property is adjacent to the Prospect Park mixed-use development which is currently under construction.

“We liked that these were two quality class A assets well-located within the North Fulton submarket,” Triple Net Properties senior acquisitions associate Robert Giusti. “This is an area that’s been experiencing a tremendous amount of absorption.”

The complex has an occupancy rate of 95% with staggered lease expirations over the next several years. Major tenants include Inovis, Charter Communications and Fidelity National Information Services Inc.

Constructed in 2001, the buildings do not require any capital improvements. Triple Net plans to hold the properties for future income and appreciation. “We’ve been very active in the Atlanta area over the last six to eight months,” Giusti says. “We own two other properties in this area.”

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