Longtime Atlanta office investors are finally making the moves outside of Georgia thanks to Starwood Capital Group. Atlanta Property Group purchased a 1.3M SF portfolio of mainly suburban Class-A office buildings across a swath of markets, including in Tampa, Orlando, Charlotte and Pittsburgh.
Atlanta Property Group Managing Partner Jonathan Rodbell declined to reveal the price the firm paid for the Starwood Capital portfolio, but said it was an average of 83% leased at the time of the sale.
The portfolio includes the 165K SF Baldwin Point and the 227K SF 11950 Corporate Blvd., both in Orlando; the 255K SF Tampa Commons in Tampa; 227K SF in two buildings at LakePointe Corporate Center in Charlotte; the 175K SF Edgewater Corporate Center One in Fort Mill, South Carolina, and the 235K SF 2000 Park Lane in Pittsburgh.
“We saw this as a great investment because these are all well-located, Class-A assets in markets with good job growth, limited construction and strong fundamentals,” Atlanta Property Group partner Shep Dinos said.
While Rodbell said the firm is still actively seeking new office buys in Atlanta, the Starwood portfolio is giving the company access to new markets that could give it a foothold for further acquisitions, especially in Charlotte, Tampa and Orlando.
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