Closing marks company’s 14th acquisition in six years, totaling more than 1.6 million square feet
Atlanta-based OA Development announced today that it closed on 3750 Brookside Parkway, a 105,236-square-foot, two-story brick class “A” office building in Alpharetta, Ga. The building, which was completed in 2001 and offers a high parking ratio, is 92 percent leased to a variety of regional and national tenants including Aqilent Technologies, Inc; Hi-Rez Studios, Inc; W. W. Grainger, Inc.; and Branch Banking &Trust Company. The development offers close proximity to GA 400 and local amenities, including Avalon, Alpharetta’s 86-acre mixed-use development.
3750 Brookside Parkway was purchased for $14.7 million. Brand Banking Company provided the debt. The deal was brokered by Jay O’Meara, senior vice president within CBRE’s Atlanta Office Investment Properties Institutional Group.
“OA was originally attracted to 3750 Brookside Parkway because of its ideal location in the heart of the vibrant Alpharetta market, as it allows us to offer our investors the opportunity to benefit from the area’s unprecedented growth,” said Brian Granath, partner. “Alpharetta’s submarket rent rates are rising rapidly, yet 3750 Brookside Parkway remains below market, aligning it with OA’s successful investment profile.”
This is the 14th commercial building that OA Development has acquired in the last six years, bringing the company’s total square footage acquired to 1.6 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 in the new economy.