Fairway Investments contributed a significant portion of the equity required to assist Grubb Properties in the acquisition of three mid-rise office buildings at the center of the Atlanta region’s highly sought-after and accessible Central Perimeter office market, with plans for major capital investments over the next three years.
The buildings, known as The Park at Perimeter Center East, total 284,500 square feet on a 19.5-acre site just north of I-285 and east of the Ashford Dunwoody Road in Atlanta’s “Golden Crescent,” the metro area’s northern arc that is home to the vast majority of Atlanta’s office square footage and affluent residential population. The Central Perimeter office market benefits from its unequaled location at the northern point of I-285 (Atlanta’s perimeter highway) at its intersection with GA 400, Atlanta’s primary north-south suburban access highway. The master-planned Perimeter Center East office park also offers free on-site shuttle service to the Dunwoody MARTA transit station.
“We are excited to invest in one of Atlanta’s most dynamic office markets with its unrivaled location, many nearby amenities and resurgence as a mixed-use center for new office development, retail and multifamily residential projects. Grubb Properties is looking forward to making The Park at Perimeter Center East a premier location for a broad spectrum of existing and new tenants,” said Jonathan Nance, senior vice president of Grubb Properties.
This is the first Atlanta-area, office-building investment for Charlotte-based Grubb Properties, one of the Southeast’s leading real estate investors. Grubb Properties previously has invested in the Atlanta area’s attractive multifamily market, including its Sterling brand apartment communities in the Vinings area of Cobb County, Collier Hills and Chamblee.
Fairway recently added to its Atlanta real estate investment portfolio with the acquisition of Clairmont Place, a 93,754 square foot Class A office building located off Clairmont Road near I-85 in Atlanta, and the investment of equity in Glenridge Point, a 186,085 square foot, two building office acquisition led by Pope and Land in the Central Perimeter submarket of Atlanta. Fairway’s Atlanta real estate holdings consist primarily of grocery anchored and unanchored retail shopping centers as well as office properties.
The Park at Perimeter Center East is the second venture between Grubb Properties and Fairway Investments. Grubb and Fairway previously acquired Edinburg Cary Office, a four building, 114,700 office property located in Cary, North Carolina.