Source: GlobeNewswire (MIL-OSI)
CLEVELAND, Oct. 18, 2021 (GLOBE NEWSWIRE) — Ten Capital Management (“TCM”), a privately held real estate investment management firm, today announced it has completed the acquisition of two assets in suburban Atlanta — a 163,231 SF creative office complex on Peachtree Industrial Boulevard (“Peachtree”) and a 130,786 SF flex office/R&D/light industrial building on John’s Creek Court (“Johns Creek”). Both assets have reported significant leasing momentum throughout the pandemic, and are located in affluent submarkets characterized by growth, wealth, high degrees of educational achievement, and household income, and are close to amenities and robust highway systems. Somerset Properties is the Co-General Partner on the transactions.
Peachtree offers highly flexible and creative open workspaces, and its location has a long-standing history of attracting and retaining technology talent. Peachtree is currently 92% leased to seven strong, long-term, and diverse tenancies across technology, healthcare, fin-tech, public relations, corporate recruiting, and the US government. The Peachtree Corners submarket has experienced 3.7M sf in leasing post-Covid, including Technicolor (53k SF – located at the Peachtree asset). The asset’s location enjoys a traffic count of 40,000 vehicles per day and is directly across the street from various walkable retail and dining amenities.
Johns Creek offers highly functional and flexible space with 22’ clear heights and 16’ dock heights. The building is currently 93% leased to three strong, long-term, and diverse tenancies across technology, life sciences, fin-tech, and public relations. Situated in the middle of Technology Park, Johns Creek is a 1,900-acre, master-planned development that features office, retail, residential, and municipal uses. Johns Creek is in a high barrier to entry market, with escalating land costs reflecting increasing demand. For example, new construction rents are approximately 2X current market rents.
“We’re excited to enter the Atlanta market with the acquisition of Peachtree and Johns Creek. Both properties are well-leased, high-quality, and in strong locations within the Northeast Atlanta submarket,” said Paul DiSandro, a TCM Partner and Portfolio Manager.
Ben Adams, TCM’s CEO, added, “This asset offers our investors an opportunity to capture light industrial, distribution, tech, and life sciences exposure in micro-markets that have enjoyed terrific momentum, all at an attractive price, with an appropriate margin of safety in place.”
TCM is a privately held real estate firm investing across a broad spectrum of strategies and seeks to deliver consistent, superior risk-adjusted returns to its global investor base, while remaining proactive, adapting quickly to changing market fundamentals and opportunities. TCM makes equity investments between $10 and $35 million, targeting transactions which fall “below the radar” of larger institutional investors. For more information, please go to www.tencapmanagement.com.