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Investor Group Picks Up Discounted Sandy Springs Office Complex
A group associated with the Zalik Investment Group has acquired a 637,000-square-foot office park in Sandy Springs. The group paid $47.5 million for a property that previously sold for much more.
The Atlanta Business Chronicle reports the Atlanta Property Group was the seller. It purchased the 23-acre campus over 10 years ago for $95.3 million in partnership with TPG Angelo Gordon.
The investors see the four-building complex as a value-add opportunity rather than a redevelopment project.
Palisades Office Park, which was built in the 1980s and ’90s, is located in the heart of the Central Perimeter submarket and is adjacent to State Farm’s corporate campus.
Will Yowell of CBRE represented Atlanta Property Group in the transaction, and Ryan Goldstein of RG Real Estate represented the buyer.
