Business & Tech

Buckhead Company Buys Dunwoody Office Building

Atlanta Property Group closes on acquisition of 1200 Ashwood

Buckhead-based Atlanta Property Group announced on Monday that it has closed on its purchase of 1200 Ashwood, a Dunwoody office building.

The five-story property at 1200 Ashwood Parkway, in the Central Perimeter submarket, comprises 183,619 square feet and is located about a mile north of the Ashford-Dunwoody/I-285 Interchange and a mile east of the intersection of Ga. 400 and Abernathy Road, the announcement said.

The company said it will spend approximately $1 million this year "to renovate the building’s common areas and improve the property’s aesthetic appeal. APG will compete aggressively for tenants and has ample capital available for tenant improvements and leasing commissions."

Atlanta Property Group bought the building from Miami-based LNR, which had serviced the loan made to the previous owner. CBRE represented LNR in the transaction, the company said. The building had been sold under foreclosure in July 2010, according to the DeKalb County Assessor's office.

Terms of the 1200 Ashwood transaction were not disclosed by the company, although APG did purchase the building at a substantial discount to its most recent sale in 2004, the company said. According to DeKalb County it was sold in 2004 for $23.3 million.

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The appraised value of the property, according to the DeKalb County Assessors Office, is around $10 million.

Built in 1985, 1200 Ashwood is 46 percent leased, the company said.

“1200 Ashwood fits nicely into Atlanta Property Group’s portfolio of well-located, value-orientated properties that offer tenants quality office space at competitive prices,”  Jonathan Rodbell, a partner at Atlanta Property Group, said in the announcement. “Atlanta Property Group is well-capitalized and positioned to acquire additional middle-market properties that are similarly positioned.”

The 1200 Ashwood transaction is the latest acquisition by APG’s discretionary fund, which has acquired three properties totaling nearly 600,000 square feet in the past 18 months, the annoucement said. The other two are 2801 Buford Highway in the Druid Chase office park and The Park at Perimeter Center East.



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