ATLANTA — CB Richard Ellis Investors has acquired Northcreek Office Park in Atlanta on behalf of its Strategic Partners U.S. 5 fund.
The park comprises of four, 8-story office buildings totaling 532,916 square feet. Located at 3715 Northside Pkwy., the property is situated in the Buckhead community of Atlanta along Interstate 75 and West Paces Ferry Road.
CB Richard Ellis Investors plans additional capital improvements including roof replacements, HVAC and electrical system upgrades and surface parking repairs. Implementation of their 5-Star Worldwide service program will include conversion of existing office space into a conference center and maintaining a recently renovated fitness center. The building will also apply to become LEED certified.
“Atlanta is a blue chip market with an economy that is still expanding and outperforming the nation, and our forecasts for tenant demand continue to be positive,” says Mike Burrichter, principal with CBRE Strategic Partners U.S. “The acquisition of this quality office property with some vacancy and near-term rollover at a significant discount to replacement cost is consistent with the Strategic Partners U.S. 5 office repositioning strategy.”
The seller’s name and transaction amount were undisclosed.