Atlanta Property Group Nabs Northcreek Office Park

Atlanta Property Group, the Buckhead-based real estate investment firm, closed on its acquisition of Northcreek Office Park.

Terms of the deal were not disclosed.

Northcreek is on Northside Parkway near the interchange of West Paces Ferry Road and Interstate-75.

It's comprised of four, eight-story office buildings that total more than 536,000 rentable square feet and is currently 91 percent leased.

APG said it found Northcreek to be an attractive investment because of its campus environment — a rarity among Buckhead's office buildings — as well as its proximity to residential neighborhoods that executives and decision makers call home and interstate access.

In addition to its proximity to I-75, it also is near I-285 and close to Vinings and Midtown.

“Northcreek is an exceptional asset,” Court Thomas, a partner at APG said in a statement.

“A majority of the tenants are local companies, and several are owned by principals with whom we have existing relationships.”

Located at 3715 Northside Parkway, Northcreek is APG’s seventh acquisition since mid-2010.

With it APG's portfolio grows to 2.7 million square feet across 15 properties.

“We continue to seek future investment opportunities across the metro Atlanta area,” Thomas said.

The firm said it experienced tremendous leasing velocity in 2012 and added roughly 15 percentage points of net occupancy to its recently acquired portfolio.

“Our recent leasing velocity affirms our position as the go-to provider of well-located, quality office space for value-conscious small and mid-size tenants,” Jonathan Rodbell, another partner said. “We intend to maximize the property’s value as the economy continues to improve.”