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Invesco Acquires Alpharetta Spec Office Development
Invesco Real Estate acquired Edison Windward, a newly-built 215,000-square-foot office project in Atlanta’s Alpharetta submarket for an undisclosed sum on behalf of one of its separate account clients. The seller, reportedly TPA Group, constructed the speculative property on 23 acres in two phases.
Design elements distinguish the asset within the local office market, which helped drive rapid lease-up. The asset is currently 66% occupied by E*Trade and 3M, and will hit 97% once Owens & Minor takes occupancy.
Invesco Real Estate’s Greg Kraus says, “Amidst uncertain economic times and a global pandemic, Invesco Real Estate continues to believe in the resilience of high-quality real estate leased long term to strong tenants that will provide attractive income returns. While we have had to temporarily establish a more flexible and fluid approach to our transaction process, we were nonetheless able to transact in these unusual times given our conviction in the asset, the market and its position in the marketplace.”
*Photo courtesy KBD Group
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