COMMERCIAL PROPERTY EXECUTIVE
By: Balazs Szekely
The sale of Barrett Lakes Center, a Class A office development in Atlanta’s Town Center submarket, marks Adventus Realty Services first Atlanta venture.
Atlanta—Barrett Lakes Center, a three-property Class A office development located in the Town Center submarket got a new owner in mid-January. A CBRE team led by Vice Chairman Will Yowell, Executive Vice President Justin Parsonnet and Senior Vice President Jay O’Meara finalized the sale on behalf of the seller, Pope & Land Enterprises. The sale price remained undisclosed. Adventus Realty Services purchased the asset, marking the company’s first venture in Atlanta. Adventus is retaining Pope & Land for the leasing and management of the office buildings.
“Barrett Lakes Center is a top tier office asset accessible to high-end neighborhoods and executive communities in the high-growth Kennesaw Town Center submarket of northwest Atlanta,” said Rod Johnston, president & CEO of Adventus.
He added that Atlanta is premier market because of its strong, diverse economy (one of the largest in the U.S.), the low cost of doing business, and its higher-than-average long-term job growth rate.
The transaction is the latest in a series of recent Class A sales to institutional-quality investors in Town Center, including Town Park Commons, Town Park Ravine and Barrett Summit. The sales total more than $180 million.
The three-building property totals 314,604 square feet and it was 98-percent leased at the time of the sale. Just off Barrett Parkway and minutes from Cobb Parkway and the Interstate 75, it offers easy access from the surrounding residential neighborhoods. Town Center is home to anchor tenants like AT&T, The Home Depot and Kaiser Permanente.
Image courtesy of Pope & Land Enterprises