Glenfield Details Peachtree Corners Buy
We got to chat a little more with Glenfield Capital's James P. Cate on his recent Peachtree Corners/Johns Creek investments. Turns out, this isn't the first office buy in those suburban submarkets—he bought Lakeside at Spalding Triangle earlier this year and now controls 650k SF (with some $60M invested) from Peachtree Corners to Johns Creek. For James, it's very clear why he's investing there: “A very long history of corporate America having a presence in that market,” he says. “There's a suburban gentrification in that area."
Despite the loss of one major Peachtree Corners employer—Fiserv to Alpharetta—and word of another big employer on the hunt for space that could draw it out of the city, James says that he's learned of “fundamental reasons” for companies to be in Peachtree Corners and Johns Creek during his tenant interviews, especially when viewed as alternatives to North Fulton and Central Perimeter. Plus, he says, there's value to be had in real estate there, versus steepening prices for office in places like Dunwoody or Sandy Springs, let alone Midtown or Buckhead.