Highgate Partners and Varden Capital Properties have purchased Plaza 400, a four-building, 175,000 square-foot office park in Atlanta. M3 Millennium Cos. sold the Class B asset for $19.3 million. According to Yardi Matrix data, M3 Millennium closed on the purchase from The Phoenix Cos. in 2005.
Plaza 400 is situated on almost 13 acres at 5885 Glenridge Drive in the Central Perimeter submarket. Developed in phases, in 1980 and 1984, the two- and four-story buildings feature floorplates ranging from 16,000 to 22,000 square feet. Madison Marquette has been assigned the management and leasing at the property that was 65 percent occupied at the time of sale.
According to Highgate Partners Principal Beau Terrell, the new ownership intends to rename Plaza 400 and also implement a capital improvement plan at the site. Immediate upgrades include new roofs and new HVAC, as well as interior common area improvements and landscape modernization.
Located 14 miles north of downtown Atlanta, the property is adjacent to U.S. Route 19 and near Glenridge Drive, just south of Hammond Park. The office park is also near Interstate 285 at the Northside Interchange, less than 2 miles north of the area’s numerous hospitals and medical centers.
Plaza 400 is also less than 2 miles west of Twelve24, the Class A office tower recently developed in the Dunwoody suburb. Trammell Crow Co. and CBRE Global Investors topped out on the 16-story building in August.