2245 & 2247 NORTHLAKE PARWAY
45/47 is strategically located in the re-emerging Northlake submarket of Atlanta. AT&T leases 100% of the property through late 2022, but will completely vacate by Y.E. '17. Purchased at a 14.5% unlevered yield, the deal provides an excellent opportunity to hyper-amortize the basis while providing a strong current return to the investors. The end result will be a high quality office asset with a low basis. 45/47 will be a low cost alternative for large corporate tenants.
Purchase Price: $41,500,000 in October 2017
Capital Partners: NYC-based Hedge Fund (Equity
-111,013 SF - 2245 Building, 2/3 Stories
-295,279 SF - 2247 Building, 10 Stories
-Total - 406,292 SF