Macfarlan Places Bet on North Fulton Job Growth
A Dallas-based commercial real estate investor has bought into the North Fulton office market in a big bet that job growth will continue to head up the GA 400 spine.
Macfarlan Capital Partners purchased Royal Ridge, the mid-rise 160,500 SF Class-A office building at 11680 Great Oaks Way, just off Old Milton Parkway in Alpharetta. The building, 95% occupied and home to Hagemeyer North's US HQ, was sold by KBS Realty Advisors. Sources say Macfarlan paid a shave over $28M for the property. JLL's Chris Marshall brokered the deal but did not return calls seeking comment. Macfarlan—which already owns three other assets in Atlanta, including Midtown I and II, and is its biggest market outside of Texas—sees job growth continuing to head up the North Fulton way, says Macfarlan's Mac Macfarlan. “Royal Ridge is well positioned to benefit from expanding commercial activity in the North Fulton submarket over the next several years,” he says.