Best-in-class development marks company’s 17th acquisition in six years, totaling more than 2.1 million square feet
Atlanta-based OA Development closed on Preston Ridge IV, a 150,320-square-foot six-story Class “A” office building in Alpharetta, Ga. The building, which is part of the master-planned Preston Ridge Office Park, is 94 percent leased to 13 regional and national tenants, including Select Management Resources and U.S. HealthWorks Holding Co. Preston Ridge IV is well-situated in the heart of one of Atlanta’s healthiest and most vibrant submarkets. The development offers close proximity to GA-400, top executive communities, and high-profile amenities, including Avalon, Alpharetta’s 86-acre mixed-use development.
Preston Ridge IV was purchased for $27.5 million. RGA ReCap, LLC provided the debt, and Cushman & Wakefield brokered the deal.
“OA was originally attracted to Preston Ridge IV because it’s a best-in-class development in a prime location, offering investors a stable and creditworthy rent roll,” said Brian Granath, partner. “Preston Ridge IV is consistently a top-performing asset with high visibility.”
This is the 17th commercial property that OA Development has acquired in the last six years, bringing the company’s total square footage acquired to 2.1 million square feet.
About OA Development
OA Development acquires and develops commercial properties, specializing in suburban office buildings. The company is delivering conservative, solid results for investors in the new economy.