Glenfield Capital, an Atlanta based real estate investment company, today announced the acquisition of Lakeside at Spalding Triangle, a Peachtree Corners office park, for $23.8 million. Bank of North Georgia provided the debt.
Lakeside at Spalding Triangle is comprised of four office buildings containing 258,547 square feet located in Peachtree Corners. The asset is currently 90% leased to 6 tenants. Approximately 47% of the building is leased to Siemens, who has been a tenant at the park since 1998. Siemens committed to another renewal in 2013 and will remain through the end of the decade.
Lakeside has enjoyed an average occupancy of 91% since 1999 to tenants such as Siemens, FleetCor, Lucent/Avaya, Universal Music (Sony), Parsons Engineering, Schlumberger & Magellan Health Services. Between the years of 1999 – 2008, the property benefited from an average occupancy of 97%.
“We are very pleased to add these assets to our office portfolio,” said James. P. Cate, managing principal of Glenfield Capital. “Lakeside and Peachtree Corners are performing well. The location next to the Forum on Peachtree Parkway is hard to replicate with this area serving as the town center for the corridor from I-285 to Johns Creek.”
Glenfield Capital is a private real estate investment company. Its principals have experience with real estate valued in excess of $1 billion in advisory and principal activities. Glenfield Capital is seeking additional office, flex and industrial acquisitions throughout the Southeast to add to its portfolio.