Tioga Capital Secures 27 KSF Lease in Atlanta
The owner purchased the property in 2022 for $11 million.
Tioga Capital has secured a 27,000-square-foot lease with infrastructure contractor Plateau Excavation, at Barrett Summit, a three-building, 180,000-square-foot creative office property in Kennesaw, Ga.
Lincoln Property Co. Vice Presidents Matt Fergus and Seabie Hickson oversee leasing at the property and secured the tenant. NAI Brannen Goddard’s Managing Director David Dixon represented Plateau Excavation in the agreement.
The owner purchased the property in 2022 for $11 million and financed the acquisition with a $14.8 million loan from Georgia Banking Co., according to CommercialEdge.
Barrett Summit has floorplans ranging from 25,000 to 40,000 square feet and features 912 parking spaces. Other tenants at the property include Old Republic Aerospace and Excel Electrical Technologies, CommercialEdge data shows. Ownership has recently implemented various upgrades to the properties.
Located at 1990 Vaughn Road NW, the 14.6-acre property is close to Highway 41 and Interstate 75, some 5 miles from Marietta and roughly 24 miles from Atlanta. It is also adjacent to the Cobb County International Airport and near the Town Center at Cobb shopping center.
As of August, Atlanta’s office vacancy rate stood at 18.7 percent, above the national rate of 17.5 percent, a recent CommercialEdge report shows. The average listing rate in the metro was $31.01, according to the same source.
One of the largest recent leases in the metro area was Morgan Stanley’s 100,000-square-foot expansion in Alpharetta, Ga., bringing the firm’s footprint to a total of 216,000 square feet.