Growth in Cumberland-Galleria market delivers high return for investors.
ATLANTA – OA Development, a privately-held commercial real estate firm, announces the sale of 2400 Lake Park, a Class B office building just off Cobb Parkway near SunTrust Park, home of Major League Baseball’s Atlanta Braves. Grubb Properties, a Charlotte, North Carolina-based investment and development company, purchased the 104,694-square foot building located at 2400 Lake Park Drive in Smyrna, Georgia, on July 1, 2019 for $8,800,000.
“Now in its third season hosting the Braves, SunTrust Park has been a catalyst for investment activity in the market,” explains Steve Berman, founder, OA Development. “We’ve owned this asset for eight years and the sale of this property generated a very nice return for our investors.”
“Given the building’s convenient location and close proximity to amenities, we knew immediately that this property was going to be an attractive asset,” adds Berman. “The high demand for investment in this Cobb County submarket created a competitive environment and maximized our sales price to the benefit of our investors.” Tom Shafer, Executive Vice President of CBRE marketed the property on behalf of OA Development.
About OA Development
Founded in 1993, OA Development is a privately-held, integrated commercial real estate firm that invests in and manages office assets throughout the Southeast currently valued at $325 million. The company’s expert team curates sound investments, operates with transparency, sustains loyal partnerships and captures consistent value and has raised more than $120 million in capital/equity to acquire opportunistic commercial real estate. For more information, visit oadevelopment.com.