Holliday Fenoglio Fowler, L.P. (HFF) announces the $23.51 million sale of Preston Ridge I, a 148,355-square-foot, Class A suburban office building in the Atlanta-area community of Alpharetta, Georgia.
The HFF team marketed the property on behalf of the seller, Barings Real Estate, part of Barings LLC, on behalf of an institutional investor, and procured the buyer, The Simpson Organization.
“Investors are attracted to the strong recovery occurring in the Alpharetta office submarket,” said Pam Boneham, Regional Director-Central Region, Barings. “HFF produced an attractive list of potential buyers while achieving robust pricing for this asset, which was one of the final properties being sold in a closed end fund.”
Preston Ridge I is located at 3655 North Point Parkway in Atlanta’s North Fulton submarket. This location is just east of Georgia 400 and within a mile of Avalon, a mixed-use development providing an abundant amenity base, including retail, restaurants and a movie theater. The six-story building was developed in 1997 and features 25,000-square-foot floorplates, a circular entrance lobby and parking for more than 590 vehicles.
The HFF investment advisory team representing the seller consisted of managing director Ralph Smalley.
About BaringsBarings Alternative Investments (BAI), part of Barings LLC, is a 400+ associate team located across 11 countries that manages $52.6 billion in client capital. BAI seeks differentiated sources of returns by incorporating decades of investment experience in alternative assets offering investors access to a diverse range of opportunities across private equity, real assets, asset-based investments and the four quadrants of real estate. The firm serves as a trusted partner to clients, leveraging its global presence and robust origination capabilities to identify the most attractive risk-adjusted return opportunities. As a leading global real estate investor and asset manager, the Barings Real Estate team offers a broad range of investment opportunities across the public and private debt and equity markets, investing across property sectors with a focus on global relative value and trend-backed preferred strategies.
About The Simpson Organization
TSO began acquiring real estate assets as a principal in 1990. The bulk of its current portfolio was acquired from the mid-1990s to the present. Its historic acquisition efforts have focused on neighborhood and specialty retail centers, multi-tenant office buildings and urban land located in primary Southeastern markets. The firm acquires assets with private equity capital from high net worth individuals and its own resources and commercial debt from local and national lending institutions.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
