The CBRE Institutional Office team of Will Yowell, Justin Parsonnet, and Jay O’Meara finished the year with the trade of Milton Park on December 29, 2016. The CBRE team represented Talcott Realty Investors LLC and Greenstone Properties in the successful disposition to Adventus Realty Trust.
The sale of Milton Park, a best-in-class Alpharetta property at the center of North Fulton’s evolving business and commercial district, was the last of nearly $800 million of office transactions in the submarket in 2016, trailing only Midtown and Buckhead. This new volume record included Sanctuary Park, a $265 million transaction brokered by CBRE that was the largest ever Alpharetta office transaction.
Milton Park consists of two, Class A office buildings totaling 319,000-sq.-ft. and is the office component of one of suburban Atlanta’s first walkable live-work-play, master plan communities. This mixed-use environment was developed by Pope & Land and Talcott/Greenstone, and has been tactically positioned to benefit from the continued growth and densification of one of the fastest growing regions in the country.
“Milton Park is a best-of-class, high performing asset offering the additional opportunity to add value to an investment that generates both immediate, dependable cash flow and upside through rent growth and a disciplined leasing program,” said Justin Parsonnet, CBRE Executive Vice President of Office Investment Properties. “With below market rents in place due to leases that were negotiated prior to the market’s rebound, the room to grow cash-flow is evident as the submarket fundamentals continue to tighten and area improvements further solidify its competitive positioning in the market.”
Milton Park was the latest sale of the CBRE Institutional Office team in a series of 2016 transactions that consisted of a broad cross-section of Southeast office assets ranging from urban towers to suburban parks offering diverse investment profiles. In Atlanta specifically, this CBRE Institutional Office team gathered bids from more than 75 unique investor groups garnering nearly $10 billion of total office investment capital exposure to the metro in 2016.
“The Southeast continues to be a focal point for U.S. and foreign investment capital, with Atlanta gaining particular momentum. Benefitting from positive leasing fundamentals and an expanding economy, Atlanta is again considered one of the most attractive markets for office investment nationally,” said Will Yowell, Vice Chairman.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
