Savlan Capital Acquires Atlanta Business Park for $33.2M
The South Florida Real Estate Investment Group Continued its Steady Growth with the Purchase of Six Office Buildings in Camp Creek Business Center from Duke Realty
ATLANTA, GA, August 19, 2019 — Savlan Capital acquired six office buildings totaling ±298,433 square feet in Camp Creek Business Center, expanding its burgeoning portfolio of commercial properties and securing a dominant position in Atlanta’s Camp Creek office micro market.
The Hollywood, Florida-based real estate investment group purchased the buildings from Indianapolis, Indiana-based Duke Realty for $33.2 million ($111.25 per square foot). The JLL team of David Tennery and Noël Steinfeld represented both seller and buyer in the all-cash transaction, which took less than 30 days to close.
The park comprises six buildings developed between 1988 and 2008 on ±36.3 acres at 1000, 1100, 1200, 1400, 1800 and 2000 Centre Parkway. The assets are situated in Duke Realty’s Camp Creek Business Center, a 400-acre campus located on the south side of Camp Creek Parkway housing 2.9 million square feet of existing industrial and office buildings with the capacity for an additional 2.0 million square feet of development.
The business park is positioned just west of Hartsfield-Jackson Atlanta International Airport in the Aerotropolis West Community Improvement District (CID). Hartsfield-Jackson is the busiest airport in the world, transporting more than 100 million passengers and 650,000 metric tons of freight annually. The airport employs more than 63,000 people on-site and generates nearly $35 billion annually for the local economy.
The Aerotropolis West CID has an active development pipeline, driven by its proximity to the airport and exceptional access to the region’s major thoroughfares — Interstate 85, Interstate 285, Interstate 20, and Interstate 75. The area surrounding Camp Creek Business Center, in particular, has become a prime target for developers, investors, and users with ±2,500 multifamily units, ±1,500 hotel rooms and ±800 acres of mixed-use development recently completed, under construction, or planned.
Additionally, the Georgia Department of Transportation has begun a $13 million Diverging Diamond Interchange (DDI) project at the Intestate 295 - Camp Creek Parkway interchange, less than two miles east of the park. This infrastructure project is expected to be completed later this year and will enhance the flow of traffic to and from the property.
These developments, along with the abundance of retail, dining, and entertainment venues and a multitude of premium single-family and multifamily communities along the Camp Creek Corridor, have attracted a vibrant, highly educated workforce. New office development in the area, however, has been limited to mixed-use developments outside the Camp Creek corridor, leaving the park with a dominant position within the immediate office micro market.
“This business park is uniquely positioned in the Camp Creek Corridor,” said Savlan Capital Chief Executive Officer Zusha Tenenbaum. “The high-quality buildings are backed by Duke Realty’s sterling reputation as a developer and are located at the epicenter of new residential and commercial development in one of the hottest markets in the Southeast, offering access to market-leading amenities while limiting exposure to Atlanta’s traffic congestion.”
“This is our first investment in the Atlanta market,” added Tenenbaum. “It took us two years to find the right opportunity here, but we are bullish on Atlanta and hope to expand our presence in the community.”
The buildings were 79.3% leased at the time of sale to a diverse mix of national and regional accredited tenants. Notable lessees include Sto Corp., DoverStaffing, Hopebridge, Jaguar Land Rover Automotive North America, Keller Williams, and Primerica.
The park features a mix of concrete tilt-up and split-face block buildings with brick and stucco exteriors, metal stud and drywall interior walls, tinted windows, 14-foot ceilings, single-ply ethylene propylene diene terpolyme (EPDM) roofs, and Early Suppression, Fast Response (ESFR) fire safety systems.
Savlan Capital plans to invest $2.5 million in the property, upgrading building exteriors, unit interiors, signage, landscaping, and tenant amenities.
The Camp Creek business park is the ninth property in Savlan Capital’s growing commercial real estate holdings, which currently includes multifamily, flex business park, and office assets in Georgia, Florida, and Texas. Savlan Capital has recently acquired more than 800,0000 square feet of commercial property and plans to grow its portfolio further in 2019, targeting prime population and job growth markets in Atlanta, Dallas, South Florida, Tampa, Orlando, and Jacksonville.
Savlan Capital has retained Cushman & Wakefield’s Pat Murphy and Tara Healy as leasing advisors for the business park. Cushman & Wakefield was also selected to manage the buildings.