Avistone, LLC announces the acquisition of Northwoods Business Center located in Peachtree Corners (Atlanta), Georgia. The 110,343 SF multi-tenant flex industrial project is located in the Norcross/Peachtree Corners submarket on 9.35 acres of land. Built in 1985, the project consists of three (3) buildings and is currently 79% leased with 15 tenants.
The company negotiated an acquisition price below replacement value, with a strong projected IRR over a 3-year holding period.
Avistone has identified Northwoods Business Center as an outstanding opportunity to capitalize on the increased demand for creative office space in the Atlanta market. Our strategy is to create significant value by converting the vacant space to creative office design, modernizing and rebranding the property, and subsequent lease-up. We expect these renovations to be complete within the first 6 to 9 months after acquisition.
According to the 2016 US Flexible Office Report and Liquid Space, rapid growth and changing business conditions are pushing companies of all sizes to seek flexibility in their office space. This is especially true with companies looking to accommodate teams between 5-15 people. Multi-tenant properties like Northwoods Business Center fit this need by offering many different layout and size options to meet the ever-changing needs of companies. The combination of recent office absorption, no new construction for flex industrial, and demand for creative office space have forced asking rents higher, and Avistone has identified the property as an outstanding opportunity to capitalize on this.
“We are very excited to acquire our third property in the Atlanta, Georgia area. Based on the success of our other two properties and the strength of the market, we are optimistic that our strategy to convert the vacant space to creative office will lead to a great investment,” said Richard Kent, President of Avistone. “Northwoods Business Center aligns well with Avistone’s goals to provide investors with risk mitigated investments in the multi-tenant flex industrial space with cash yields and the potential for long-term capital gains. We continue to actively acquire multi-tenant flex industrial properties that fit within our strategy and create value for our investors.”
Avistone is a premier real estate firm specializing in multi-tenant flex industrial properties. The company is currently acquiring and managing quality multi-tenant properties throughout the US from $5 million to $25 million. To learn more about Avistone and how you can benefit from its investments, please contact us at investors@avistone.com.