Atlanta-based developer Pope & Land Enterprises has completed the sale of Barrett Lakes Center, a three-property Class A office development within Atlanta's Town Center office submarket. The three-building property traded hands for an undisclosed sum with Adventus Realty Services taking ownership of the 100% leased Class A complex. CBRE's Will Yowell, Justin Parsonnet, and Jay O'Meara represented Pope & Land Enterprises in the transaction. Pope & Land is the original owner and developer of Barrett Lakes Center. Mason Zimmerman, managing partner of the ownership entity, P&L Barrett, told GlobeSt.com there are very few assets of this size and quality in the Atlanta metro area in which the original developer and owner has been consistently involved for almost 20 years.
"It was a tough decision to sell," said Will Yowell, CBRE Vice Chairman. "With all three buildings full, rents rising and minimal lease expirations throughout the portfolio, combined with cap rate compression and a tight submarket, it was the right time for us to sell. CBRE generated a tremendous amount of interest in the asset from investors across the country. Ultimately, we chose Adventus and we couldn't be happier with our selection. They understand and appreciate the asset and they are absolutely the right buyer to succeed us in ownership."
The purchase marks Adventus' first venture in Atlanta, and the area and asset provided a core-plus investment opportunity for the firm to enter the market. "We felt confident about this purchase, considering the historical success of the office development and the demand in Town Center," said Rodney Johnston, President and CEO of Adventus Realty Services, in a press release. "We knew this was a property that had been well taken care of, as Pope & Land saw the development from the ground up and created a desirable office environment. Atlanta is a target market on our radar, and we are pleased to kick-start with Barrett Lakes Center."
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