Assets boast solid tenant rosters and offer strong cash on cash returns
Atlanta-based OA Development closed on Preston Ridge IV, Peachtree Ridge, and 100 Ashford Center, bringing the company’s current portfolio to 2.1 million square feet.
Preston Ridge IV is a 150,320-square-foot six-story Class “A” office building in Alpharetta, Ga. The building, which is part of the master-planned Preston Ridge Office Park, is 94 percent leased to 13 regional and national tenants, including Select Management Resources and U.S. HealthWorks Holding Co. Preston Ridge IV is well-situated in the heart of one of Atlanta’s healthiest and most vibrant submarkets. The development offers close proximity to GA-400, top executive communities, and high-profile amenities, including Avalon, Alpharetta’s 86-acre mixed-use development. Preston Ridge IV was purchased for $27,500,000. RGA ReCap, LLC provided the debt, and Cushman & Wakefield brokered the deal.
Peachtree Ridge is a seven-story, 159,962-square-foot class A/B+ office building that sits in the heart of Atlanta’s Peachtree Corners submarket, surrounded by some of the city’s most affluent and prestigious neighborhoods. The asset is more than 98 percent leased to an impressive rent roll anchored by credit tenant Pond & Company, and the property’s average remaining lease term is 4.8 years. Peachtree Ridge offers direct access to Peachtree Parkway, and there are not any nearby speculative developments currently under construction. Peachtree Ridge was purchased for $18,225,000. Hamilton State Bank provided the debt, and Cushman & Wakefield brokered the deal.
100 Ashford Center is a five-story, 162,358-square-foot office building located in Atlanta’s Perimeter Center submarket. The asset, which is 92 percent leased, has a diverse and solid tenant roster in place, with an average 5.23-years remaining term and anchor tenants including SEDC and 3M Company. 100 Ashford Center has experienced a 21 percent increase in occupancy and 18 percent increase in rental rates from 2012 to present. The property is positioned among nearby amenities including PerimeterMall, Park Place, and Perimeter Pointe. 100 Ashford Center was purchased for $22,375,000. Societe Generale provided the debt, and Cushman & Wakefield brokered the deal.
“Preston Ridge IV, Peachtree Ridge, and 100 Ashford Center are sophisticated buildings that are nearly fully leased and are located in vibrant markets whose vacancy rates are among the lowest in Atlanta,” said Brian Granath, OA Development partner. “The three assets complement our current portfolio of high-quality office buildings that offer strong cash on cash return and competitive IRR.”