ATLANTA, March 27, 2012 /PRNewswire/ -- Global investors are looking to Atlanta for "best-in-class" institutional portfolios that offer above normal returns. Colliers International, on behalf of an affiliate of BPG Properties, Ltd. in Philadelphia, is adding to the asset mix by listing Northmeadow Business Park. The 1.2 million square foot facility is located in the heart of Atlanta's high-tech and medical services hub.
The portfolio's 20 institutional-quality buildings occupy over 125 acres in North Fulton, an area recognized nationally for its ability to lure hundreds of high-tech companies, providing a defense against market downturns. Currently, Northmeadow is 83% occupied; and its 53 tenants have an average remaining lease term of four years. Even during the economic downturn, the portfolio has experienced a 75% tenant retention rate, and has seen 14 tenants expand their space requirements within the park since 2007. Year-one contract rent will generate more than $10 million.
According to the Technology Association of Georgia, the state leads the nation in five industry sectors, including Health IT, Information Security, Communications Services, Financial Technology and Logistics. North Fulton is home to many of these companies – such as AT&T, McKesson Technology Solutions, ADP and Med Assets – due to its extensive fiber optic system, excellent demographics and high quality of life.
"This portfolio represents a unique opportunity to acquire a value-added investment in the Atlanta market," said Colin Cavill, Senior Vice President of Colliers International. "It caters to fast-growing companies that are leading the country's economic recovery and is located in Georgia's epicenter of innovation."
About Colliers International
Colliers International is the third-largest commercial real estate services company in the world with 15,000 professionals operating out of more than 480 offices in 61 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. The latest annual survey by the Lipsey Company ranked Colliers International as the second most recognized commercial real estate firm in the world.
SOURCE Colliers International