Boxer Properties' latest buy makes it one of Atlanta's largest office landlords. And it's on the hunt for more. (We haven't seen a boxer this big since Muhammed Ali or Rocky IV.)
We chatted with Boxer's David Kayle (here with his acquisitions head Andre Pereira, seated) about Boxer's latest purchase, Northlake Office Park. The 520k SF campus off I-285 and Northlake Parkway was purchased from a special servicer for $20.8M, according to Databank. JLL's Gary Lee, Bob Johnson, and Paul Johnson brokered the deal. David calls the property a value-add buy where it can create value simply by adding to the existing 50% occupancy. “That's where the opportunity is,” he says. “These buildings historically have been very well occupied.”
Currently, tenants such as Westwood College, the CDC, Hewlett Packard, and Siemens are among the many marquee companies on the rent roll. David tells us he expects Boxer to shop for more office properties in Atlanta this year, even though there seems to be a lull in product coming to market. “We're experiencing some of that in Houston as well,” he says. But he expects current owners will start putting more product on the market come March. (They'll wanna trim some weight for beach season.) “We're seeing things right now that are available in the last three or four weeks that look very interesting. We think there's plenty of opportunity in Atlanta.”
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