NEWTOWN SQUARE, Pa., Sept. 29 /PRNewswire/ -- GMH Capital Partners
(http://www.gmhcp.com) announced today the sale of the River Ridge office
complex located in Atlanta, Georgia to HRPT Advisors, Inc. of Newton, MA for
$24,488,000. Affiliated Equities Real Estate, LP, located in Newtown Square,
PA was the owner/seller in the transaction.
The 23-acre property is the site of the 176,749-square-foot, Class A,
eight-story River Ridge office building located on 9040 Roswell Road in
Atlanta, Georgia. The property's site also contains excess land with plans
and approvals in place, which can accommodate an additional 128,500-square-
foot building and has undergone approximately $1,200,000 in capital
improvements over the past two years. The lead tenant, Affiliated Computer
Systems (ACS), which occupies over 75% of the facility, has renewed their
lease for an additional five years at River Ridge.
A GMH Investment Advisory Team led by Gary Holloway, Jr., Morgen J. Busch
and R. Eric Mattson, Jr. negotiated the sale transaction.
"This property was initially marketed in 2003 however we decided to
reposition it in the market place with capital improvements as well as assist
ownership in a renewal/recast of the ACS lease for an additional five years,"
stated Gary M. Holloway, Jr., SVP, GMH Investments. "Once those two key
factors were in place, we were able to yield a higher valuation, which follows
our mission of value creation for our clients," said Holloway.
The property is just north of the Georgia 400 Freeway, which provides easy
access to all sections of Atlanta as well as in the heart of various
residential communities. The strategic location, amenities and design of the
Property insure the on-going success of the asset as well as the future
success of the development project.
Since 1998, GMH Capital Partners has closed over $1.5 billion in
investment transactions in 35 states. Headquartered in Newtown Square, PA, GMH
Capital Partners focuses on the sale of commercial real estate nationwide and
maintains proprietary, state-of-the-art modeling, product packaging and real-
time web-based information technology to service institutional and corporate
clients throughout the United States. Major clients include GE Capital Real
Estate, UBS Warburg and Goldman Sachs.
For more information, contact Kathleen Grim at 610.355.8206.
SOURCE GMH Capital Partners