{"id":1004160552,"date":"2016-12-01T08:34:02","date_gmt":"2016-12-01T16:34:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004160552"},"modified":"2022-12-07T22:22:34","modified_gmt":"2022-12-08T06:22:34","slug":"stein-investment-group-enters-atlanta-office-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/stein-investment-group-enters-atlanta-office-market\/","title":{"rendered":"Stein Investment Group Enters Atlanta Office Market"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<div id=\"attachment_1004160554\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Northside-Tower.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004160554\" data-attachment-id=\"1004160554\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/stein-investment-group-enters-atlanta-office-market\/northside-tower\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Northside-Tower.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Northside Tower\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Northside-Tower.jpg?w=800\" class=\"wp-image-1004160554 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Northside-Tower.jpg\" alt=\"Northside Tower\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Northside-Tower.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Northside-Tower.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Northside-Tower.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004160554\" class=\"wp-caption-text\">Northside Tower, Atlanta<\/p><\/div>\n<p>Stein Investment Group solidified its shift in investment strategy with two metro Atlanta office acquisitions. In separate transactions with the same seller, it purchased Northside Tower and East Cobb Office for a combined $18 million from Alex Brown Realty.<\/p>\n<p>\u201cThese were off-market, opportunistic properties and in line with what we do, which is focus on core real estate,\u201d Jason Linscott, Stein Investment\u2019s chief investment officer, told <em>Commercial Property Executive<\/em>. \u201cWe\u2019re seeing that in the Atlanta marketplace: It\u2019s just the right time to buy because there is so much going on.\u201d<\/p>\n<p>The deals diversify the company\u2019s portfolio, which was predominantly retail and self-storage, and mark its expansion into one of Atlanta\u2019s hottest real estate sectors.<\/p>\n<p>Located at 6065 Roswell Road, in the heart of Sandy Spring\u2019s downtown core, Northside Tower features some 120,000 square feet of office space primarily catering to smaller tenants. It\u2019s one of the area\u2019s tallest buildings. Approximately 70 tenants comprise the roster, with Signature Bank the largest at approximately 9,000 square feet. It fetched a price of $13 million.<\/p>\n<p>\u201cIt fits into a philosophy which is a little counter to what the market generally wants,\u201d Linscott said. \u201cNorthside Tower has 70 tenants with an average of 1,200 square feet, so there\u2019s a lot of smaller spaces with short-term leases. We like to deal with smaller tenants.\u201d<\/p>\n<p>According to Linscott, Stein Investment will spend\u00a0more than $2 million into Northside Tower to continue its relevance in this iconic location. Upgrades include adjusting traffic patterns to improve parking-deck access; updating the ground-level facade to enhance the overall pedestrian appeal with a patio and street-level sidewalk access; and improving efficiency and function with energy management systems and modernized elevators, fixtures and facilities.<\/p>\n<p>East Cobb Office Complex, a five-building property located at 1000 Johnson Ferry Road in Marietta, was purchased for $5 million. It features 60,000 square feet of office space and has a tenant roster of Atlanta Falcons Physical Therapy Centers, Allstate Insurance, Sheffrin Men\u2019s Health and Creative Dentistry. It was 80 percent leased at the time of the sale.<\/p>\n<p>The company will invest $1 million in the property, including making improvements to the fa\u00e7ade and landscape as well as the driveway and parking areas.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The acquisitions mark a shift from a predominantly retail and self-storage focus.<\/p>\n","protected":false},"author":451,"featured_media":1004160554,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26282,1489,21808,21783,21742,21747],"tags":[32946,32945],"class_list":["post-1004160552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cpe-daily-newsletter-article","category-atlanta","category-featured","category-investment","category-latest","category-office","tag-alex-brown-realty-inc","tag-stein-investment-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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