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SVN Equities Pays $61M for 1M SF of Flex Space
GlobeSt.com
July 30, 2007
NORCROSS, GA-Irvine, CA-based SVN Equities Inc. has spent $60.6 million for its second potfolio buy here, this time acquiring 19 buildings in Gwinnett Park. The buildings contain more than one million sf of flex office and industrial space.
SVN Equities bought the assets from Boston-based General Investment & Development Cos. The purchase comes a little more thana year after SVN Equities acquired the Oakbrook North Business Park in May 2006. That portfolio encompasses 706,000 sf.
The 19 buildings are 77% leased, and the tenant roster includes :iberty Mutual, Progressive Insurance, Krispy Kreme, McBurney Corp. and Corinthian Colleges. The buildingd are located at 1750 Beaver Run Rd., inside the 230-acre, 3.5-million-sf Gwinnett Park. The park is off Interstate 85 and seven miles north of Interstate 285.
"The Gwinnett Park buildings are an outstanding additon to our portfolio with their excellent interstate access and proximity to executive housing and the skilled labor pool of northeast Atlanta," says SVN Equities president Burton Young. "The portfolio also features a very solid tenant roster and numerous expansion opportunities for additional buildings."
W.Colin Cavill, Dennis Mitchel and Robert Cottle of the Atlanta office of Colliers Sprectrum Cauble represented both the buyer and the seller.
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