Greenville-based RealOp Investments has expanded its Southeastern footprint with the acquisition of three single-story office parks in the northeast submarket and Interstate 85 corridor of Atlanta.
The portfolio, located within Gwinnett County’s Opportunity Zone, totals 560,000 square feet across 12 buildings, which were approximately 72 percent leased at the time of sale. The acquisition presents a value-add opportunity with steady in-place income, said Julian Nexsen, RealOp’s vice president of acquisitions and business development.
Representing the firm’s first foray into Georgia, the parks are currently branded as Breckinridge Exchange, Breckinridge Center, and Park Creek. Renaming is currently under consideration. The acquisition expands RealOp’s portfolio to five Southeastern states and 10 markets.
Nathan Anderson and David Beak of NAI Brannen Goddard represented the seller in the transaction, which closed on May 2.
Major tenants include Primerica, Polytron, UPS and Q-Matic.
RealOp’s renovation and repositioning plans include upgrades to the building amenities and outdoor space, the addition of on-site food truck offerings, as well as cosmetic enhancements to signage, landscaping and paved surfaces within the parks. Additionally, RealOp is launching an aggressive leasing and rebranding campaign in order to provide a best-in-class office experience for existing and future tenants, said Chip Hunt, RealOp’s vice president of leasing.
“We have selected a very strong leasing team, led by Mike Berens and Logan Haner with NAI Brannen Goddard, and are excited to get started. Initial marketing and outreach efforts will highlight our ability to provide tenants with high-end, updated spaces in well-located properties, front-door parking and the ability to sign leases that do not include costly common area factors,” Hunt said. “We also are investing heavily in efforts to build a stronger brand and sense of place for each of the parks as well as the overall portfolio.”