Trinity Capital Advisors JV Buys Atlanta-Area Office Asset

May 12, 2021

The company has teamed up with Grubb Properties and Nuveen Real Estate to acquire a Class A property in Alpharetta, Ga.

5995 Windward Parkway. Image courtesy of Trinity Capital Advisors

Trinity Capital Advisors has entered the Atlanta market through its acquisition of a Class A office building in a joint venture with Grubb Properties and Nuveen Real Estate.

The partnership acquired the property for an undisclosed price from Texas-based health-care company McKesson, according to CommercialEdge data. CBRE’s Capital Markets Institutional Properties in Atlanta brokered the transaction.

Located at 5995 Windward Parkway in Alpharetta, Ga., the six-story office building features more than 400,000 square feet on a 30-acre site. The property also includes a gym and an on-site restaurant.

Following the acquisition, the joint venture also secured a new tenant that brought the property’s occupancy rate from 30 percent to roughly 90 percent. Global Payments, a payment technology company headquartered in Atlanta, signed a 15-year lease with the new owners for 200,000 square feet at 5995 Windward Parkway.

Walker Collier, partner at Trinity, said in prepared remarks that the Atlanta-area office acquisition marks the fourth time the company has teamed up with Nuveen, as well as its first partnership with Grubb Properties.

Trinity’s southeast acquisitions

Besides its entry into the Atlanta market, Trinity has continued to acquire and develop projects in North and South Carolina. The company has recently bought 78 acres in Charleston, S.C. that will be used to develop an 850,000-square-foot Class A industrial project. In North Carolina, Trinity completed two land acquisitions in Durham, N.C.’s Research Triangle Park market that will also be developed into Class A industrial projects.

In Raleigh, N.C., Trinity acquired a 900,000-square-foot property with plans to convert it into a creative office and life science asset. The company has also invested $190 million to redevelop Park Point in Durham, N.C., into a 645,000-square-foot creative office and life science campus. The Durham project has recently attracted a new tenant, Charles River Laboratories, which signed a lease for more than 70,000 square feet in January.