Atlanta’s Third & Urban has acquired Northridge Commons, a seven-building, 470,000-square-foot flex industrial campus located at 8601 Dunwoody Place in Sandy Springs.
Financial terms were not released about the purchase by the real estate company. CBRE, a commercial real estate investment firm, said in its news release that it arranged the sale and $48.5 million in acquisition financing for Northridge Commons.
“Northridge Commons presented an excellent opportunity to acquire a stabilized, cash-flowing asset in one of Atlanta’s top suburban markets,” Jon Huang, vice president at Third & Urban, said in his company’s news release. “With its centralized location, refreshed exterior, and flexible spaces, the property fits well within our growing investment business.”
The release said the acquisition is part of Third & Urban’s newly formed investment strategy of buying undervalued office and flex industrial assets across the Southeast.
Northridge Commons comprises seven, single-story flex buildings spanning 38.62 acres at 8605 and 8601 Dunwoody Place. It is 83 percent leased to a variety of office, flex and warehouse occupiers, the release said. These include Inspire Brands and Invitation Homes, a subsidiary of Blackstone. Third & Urban will reposition some of the office spaces to attract more flex industrial users.
The campus is a short drive to GA 400, Historic Roswell, the Chattahoochee River, and more than 40 casual and fine-dining restaurants.
Third & Urban’s investment portfolio includes Dunwoody Park, an 18-acre, eight-building office campus acquired last year, and a street retail portfolio recently purchased in Virginia Highlands. The team continues to explore investment opportunities throughout the Southeast, including office, retail, industrial, and land deals.
Third & Urban’s development portfolio spans more than 1.2 million square feet across the Southeast. The firm recently acquired the 32-acre site at Corporate Square in Brookhaven. It plans to redevelop the dated office campus into a walkable mixed-use district. The firm’s pipeline encompasses 3.2 million square feet valued at $1.4 billion.
“While we are known for our work in developing vibrant mixed-use communities – and that is still very much part of our ethos – this new investment strategy runs parallel to our development business and leverages our expertise to acquire and hold quality assets, allowing us to capture value in different market cycles,” according to tthe release.
CBRE said in its news release that Will Yowell with CBRE National Office Partners in Atlanta represented the seller, Dilweg, in the sale transaction. Mike Ryan, Brian Linnihan and JP Cordeiro with CBRE Capital Markets’ Debt & Structured Finance team in Atlanta secured the loan on behalf of the sponsor and buyer, Third & Urban.
