SANTA ANA, Calif., Aug. 19 /PRNewswire-FirstCall/ -- Grubb & Ellis Realty Investors, LLC today announced it has acquired One Live Oak, an approximately 199,000-square-foot Class A office building in the Buckhead - Lenox submarket of Atlanta, on behalf of tenant-in-common investors.
Built in 1981 on more than two acres, the 10-story property is within walking distance of the five-star Ritz Carlton Hotel and world class shopping at Lenox Square Mall. One Live Oak's main lobby is finished with granite floors, cherry and walnut walls, and is home to The Bucket Shop restaurant and bar. The property offers ample parking with a seven-level, 625-space parking structure that provides 3.1 spaces per 1,000 square feet. One Live Oak is currently 92 percent leased to a number of tenants, including the Securities and Exchange Commission, University of Georgia Real Estate Foundation Inc., and Corporate Offices Georgia LLA.
"This is a high quality office building located in a market where we believe we can maintain a high occupancy rate," said Jeff Hanson, President and Chief Investment Officer of Grubb & Ellis Realty Investors.
Overall average asking rents in the Buckhead submarket are $26.27 per square foot/year plus expenses, which represents a 3.8 percent rental rate growth from the previous year. The submarket had a positive net absorption of 646,000 square feet in 2007, with 221,000 square feet absorbed in the 4th quarter 2007.
Founded in 1837, Atlanta is the capital and most populous city in the State of Georgia. In the last decade, Atlanta has experienced unprecedented growth -- the official city population remains steady at about 420,000, but the metropolitan population has skyrocketed nearly 40 percent to 5,138,223. With the addition of 890,000 residents since April 1, 2000, the Greater Atlanta area boasts the largest numerical gain of any metropolitan area in the United States during that time. Atlanta ranks fifth in the number of Fortune 500 companies headquartered in its metropolitan area.
Grubb & Ellis Realty Investors purchased One Live Oak from Crescent Real Estate Equities, which was represented by W. Hayes Swann & Matt Tritschler of DTZ Rockwood LLC.
About Grubb & Ellis Realty Investors
Grubb & Ellis Realty Investors, LLC is the real estate investment and asset management subsidiary of Grubb & Ellis Company , a leading real estate services and investment firm. Grubb & Ellis Realty Investors and affiliates manage a growing portfolio of assets valued in excess of $6.5 billion located throughout 30 states. One of the nation's most active buyers and sellers of commercial real estate, Grubb & Ellis Realty Investors has completed acquisition and disposition volume totaling approximately $10.8 billion on behalf of program investors since its founding in 1998; more than 70 percent of this volume has been transacted since Jan. 1, 2005.
Grubb & Ellis Realty Investors and affiliates are currently buying and selling properties throughout the United States, offering a full range of commercial real estate investment programs, including tenant-in-common (TIC) programs for investors structuring tax-deferred (like-kind) exchanges under Section 1031 of the Internal Revenue Code, non-traded public real estate investment trusts (REITs), multi-member limited liability companies (LLCs) and institutional investments. Through the Grubb & Ellis Wealth Management program, Grubb & Ellis Realty Investors also offers high net worth investors a comprehensive program to build or expand their commercial real estate portfolio, whether their investment objectives are 1031 exchange driven or not.
