Triple Net Parkway 400 has acquired Parkway 400, a two-building Class-A development, for approximately $34 million from Transwestern Investment Co. The 193,281 sq. ft. mid-rise towers are located in Alpharetta, Ga., in a North Fulton County submarket. Parkway 400 is adjacent to the $700 million Prospect Park, a mixed-use development that is currently under construction. The property was built in 2001 and is 96% leased.
H.N. Gorin Associates has acquired 100 Technology Center Drive, a Class-A office building, for $45.5 million from Digital Realty Trust. The six-story, 197,000 sq. ft. property is located in Stoughton, Mass. The building has upgraded interior finishes, a three-story atrium lobby and fitness center. The 10.1-acre site is adjacent to a 152-room Marriott Hotel. Built in 1988 as the world headquarters for Reebok, the property was renovated in 2001.
Ashford Hospitality Trust, a listed lodging real estate investment trust, has sold seven Towne Place Suite hotels for $57.5 million. The undisclosed buyer receives a portfolio scattered between Massachusetts, Texas, Florida, New Jersey, Maine and California. Ashford sold the properties through a section 1031 tax-deferred exchange. The sale price on the seven hotels equals roughly $82,500 per key, or a capitalization rate of 8.5%.
