Click to view original article on the Atlanta Business Journal by Jessica Saunders
A private Florida real estate company has acquired six office buildings in Camp Creek Business Center in southwest Atlanta near Hartsfield-Jackson Atlanta International Airport.
Indianapolis-based Duke Realty (NYSE: DRE) sold the buildings totaling 298,433 square feet to Savlan Capital of Hollywood, Fla., for $33.2 million, or about $111.25 per square foot, in an all-cash transaction.
Duke Realty developed the 400-acre, 2.9-million-square-foot Camp Creek Business Center, which includes office and industrial development and is located in East Point. The Georgia Department of Transportation is building a $13 million diverging diamond interchange at Interstate 285 and Camp Creek Parkway, less than two miles east of the park.
Savlan Capital acquired 1000, 1100, 1200, 1400, 1800 and 2000 Centre Parkway, an office portfolio developed between 1988 and 2008 on 36.3 acres. The company plans to spend about $2.5 million to upgrade building exteriors, unit interiors, signage, landscaping and tenant amenities, it said.
The buildings were 79.3% leased at the time of the sale, which closed Aug. 16, to national and regional tenants including Sto Corp., DoverStaffing, Hopebridge, Jaguar Land Rover Automotive North America, Keller Williams and Primerica, according to the announcement.
“This business park is uniquely positioned in the Camp Creek Corridor,” Savlan Capital CEO Zusha Tenenbaum said. “The high-quality buildings are backed by Duke Realty’s sterling reputation as a developer and are located at the epicenter of new residential and commercial development in one of the hottest markets in the Southeast, offering access to market-leading amenities while limiting exposure to Atlanta’s traffic congestion.
“This is our first investment in the Atlanta market,” Tenenbaum said. “It took us two years to find the right opportunity here, but we are bullish on Atlanta and hope to expand our presence in the community.”
David Tennery and Noël Steinfeld of JLL represented both seller and buyer.
Savlan Capital hired Pat Murphy and Tara Healy of Cushman & Wakefield as leasing advisors. Cushman & Wakefield also was selected to manage the buildings.
The office portfolio at Camp Creek Business Center is the ninth property in Savlan Capital’s real estate holdings, which include multifamily, flex business park and office assets in Georgia, Florida and Texas.
Leaders plan for Savlan Capital to continue acquiring property in Atlanta, Dallas, south Florida, Tampa, Orlando and Jacksonville, Fla., in 2019.
