Local Investor Banks On Peachtree Corners Activity For Value-Add Investment
An Atlanta real estate investor has purchased its first property on its home turf.
Redline Property Partners picked up 2 Sun Court, a five-story, 98K SF office tower in Peachtree Corners.
Details of the transaction were not disclosed by press time, but Redline officials say the firm intends to invest capital into the building, including converting some of the parking lot into amenity space. Redline tapped Lincoln Property Company Southeast to lease the building.
The deal represents Redline's first property acquisition in Atlanta, Redline President Andrew Webb said.
“This transaction signifies our continuing commitment to investing in Atlanta and the Southeast U.S. markets,” Webb said.
His firm considers the property a value-add play, which typically invests in under-performing assets.
There may be some upside just from the submarket's overall activity. Peachtree Corners' office stock has some of the highest vacancy in the metro area — more than 22% of its 6M SF of office remains empty, according to Cushman & Wakefield data. That is only surpassed by the Northlake/Stone Mountain office submarket, where 27% of the nearly 3M SF of office space is empty.
Tenants have leased more than 90K SF in the submarket so far this year, including a big deal with Crawford & Co., which is moving from Central Perimeter.