By Timea Papp
Atlanta Property Group purchased a seven-building, Class A office portfolio totaling nearly 1.3 million square feet in Florida, North Carolina, Pennsylvania and South Carolina. Starwood Capital Group sold the properties in a single transaction to the Atlanta-based real estate investment company, Yardi Matrix shows. The deal marks APG’s first investment venture outside metro Atlanta.
The assets spread across Charlotte, N.C., Orlando, Fla., Pittsburgh, and Tampa, Fla., bringing APG’s total portfolio size to 3.5 million square feet. The properties included in the transaction are:
- LakePointe Corporate Center, buildings 3 and 5 at 3730 and 3735 Glen Lake Drive in Charlotte, N.C. (226,865 square feet)
- Baldwin Point at 2420 Lakemont Ave. in Orlando, Fla. (164,766 square feet)
- 11950 Corporate Blvd. in Orlando, Fla. (226,548 square feet)
- Tampa Commons at 1 N. Dale Mabry Highway in Tampa, Fla. (254,808 square feet)
- Edgewater Corporate Center One at 3023 HSBC Way in Fort Mill, S.C. (175,145 square feet)
- 2000 Park Lane in Pittsburgh (234,859 square feet)
Diverse tenant roster
According to Yardi Matrix, the buildings were part of a $261 million portfolio deal in 2012 when Starwood Capital Group acquired the assets from Columbia Property Trust. Completed between 1985 and 2005, the properties are 83 percent leased to a wide array of tenants including Trinity Partners, Balfour Beatty Infrastructure, St. Paul Travelers Insurance Co., Diagnostic Precision Inc. and Cigna.
“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,” said Shep Dinos, an APG partner, in prepared remarks.
Images courtesy of Yardi Matrix