Sale rewards investors with 25 percent IRR
OA Development sold Lakeview 400 Office Park in Alpharetta, Ga. to The Simpson Organization for $14.7 million. OA purchased the two-building office park for $10.4 million in December 2011. Upon purchase, the property was 88 percent leased. ADP recently renewed its lease for the company’s 73,265-square-foot location through March 2020.
“The successful sale of Lakeview 400 is a testament to OA Development’s deep understanding of suburban office markets,” said Steve Berman, OA Development partner. “Our investors trusted our insight when we brought them this unique opportunity three years ago, and, as a result, we are able to reward them with 25 percent internal rate of return upon the sale of Lakeview 400.”
Bank of North Georgia provided the debt with oversight by senior vice president Mark Hancock. The deal was brokered by Tom Shafer of CBRE.
OA Development has acquired 13 commercial properties since July 2009, bringing the company’s total square footage acquired to over 1.5 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.