Lutz Real Estate Investments has purchased the 471,304 sq. ft. Northridge Business Park in Atlanta from Income and Growth Fund I and II L.P. for $43.5 million. The property consists of seven one-story office-flex buildings.
Two ivisions of Coca-Cola lease space at the office park. Coca-Cola North America anchors the park with 173,857 sq. ft. leased through 2011. Coca-Cola Enterprises occupies 40,593 sq. ft. through 2014. Both Coca-Cola divisions have leased space here for over 15 years.
"This acquisition was an opportunity for us to acquire an attractive, long-term investment in one of our key markets," said Adam Lutz of Lutz Real Estate Investments. "With Coca-Cola's long history at Northridge, we consider the business park to be a stabilized asset with an upside potential. The current occupancy of 86% is well below Northridge's 20-year occupancy history."
Trammell Crow Services Inc. will spearhead both the management and leasing of the property.