Johns Creek Office Complex Claimed by Crossgate in 1031 Exchange
Research Renaissance, LLC divested a single-story office portfolio at 5000 and 5050 Research Court in the North Fulton submarket of Johns Creek, GA. The 80,000-square-foot asset was acquired by Crossgate Partners, LLC for $10,025,000 million or $128-per-square-foot as a part of a 1031 exchange.
The seller purchased the single-story office buildings in 2008, and subsequently stabilized the tenant mix and increased occupancy. The mix of professional and medical-related tenants now include a range of therapists, a dialysis clinic, insurance companies and technology companies.
Avison Young’s Casey Keitchen, who represented the seller, says, “There’s been a great deal of speculation around the negative impact that COVID-19 will have on the commercial real estate industry. However, having just completed this transaction at the height of the pandemic, and having others under contract and moving forward, I’m confident that commercial real estate deals will continue to transact, albeit at a slower pace in the near term.”
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