At 214,392 square feet, acquisition marks OA Development’s largest to date
ATLANTA (December 14, 2015) – Atlanta-based OA Development closed the acquisition of Crestwood Pointe I and II, two class-A, multi-tenant office buildings located in Atlanta’s Northeast submarket. OA Development closed on the property on December 10, 2015 for $21,250,000. The 214,392-square-foot combined assets, which were constructed between 1997 and 1998, are 84.7 percent leased to a variety of regional and national clients including National DCP (Dunkin Donuts), Bankers Life & Casualty, and Texas Instruments. The buildings’ leasing has increased more than 30 percent in the last quarter, and most of the tenants in the two office buildings have long-term leases.
“Crestwood Pointe’s location is attractive for businesses, as the buildings are located in a Gwinnett County Improvement District, which provides tax credits for new hires, and the new Pleasant Hill/I-85 diverging diamond will ease traffic,” said Brian Granath, OA Development partner. “Crestwood Pointe will offer a competitive advantage for businesses and impressive returns for investors as the market rebounds.”
Bank of North Georgia provided the debt with oversight by senior vice president Timothy Buursema, and Tom Howland, managing director at Sandler O’Neill + Partners, served as financial advisor to OA Development. The deal was brokered by Cushman & Wakefield’s Investment Sales Team led by executive director David Meline and director Samir Idris. The debt was arranged by Cushman & Wakefield’s Equity, Debt, and Structured Finance Team led by managing director Brian Linnihan.
This is the 15th commercial building that OA Development has acquired in the last six years, bringing the company’s total square footage acquired to more than 1.8 million square feet.
About OA Development
OA Development specializes in buying and developing thriving commercial properties, including office buildings, industrial warehouses and flex properties. The company is delivering conservative, solid results for investors during the new economy. www.OADevelopment.com
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