15 February 2017
Dunwoody
Reporter: Theo Andrew

Atlanta office sells for $83.4 million


KBS Capital Market Group’s (CMG) KBS Strategic Opportunity Real Estate Investment Trust (REIT) has acquired Crown Pointe in Dunwoody, a northern suburb of Atlanta, for $83.4 million.

The class-A, 499,968-square foot office property is located in Atlanta’s central perimeter submarket, and comprises of two buildings of 10 and 17 stories.

According to KBS CGM, the trust is planning to make improvements to the property, which already features a fitness centre, a business centre and garage and surface parking.

Located at 1040 and 1050 Crown Pointe, it is well connected to the GA 400 and I-285 highways as well as the Sandy Springs metro station.

Jeff Rader, senior vice president at KBS and asset manager for the property, said: “We look forward to expanding KBS’ footprint in the Atlanta area with the acquisition of Crown Pointe.”

He added: “Metro Atlanta’s thriving economy and job base, combined with its high-quality and lower cost of living make it an ideal location to recruit top talent. The central perimeter submarket has been evolving into a bustling, 24/7 environment and is considered one of the Southeast’s largest employment centres.”

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