Five office buildings in Alpharetta have been purchased for $12.25 million.
The three, one-story and two, two-story office buildings at Mansell Overlook were bought by G&C Mansell Investors, an affiliate of Florida-based real estate investment group Grover Corlew.
The portfolio sold for $22 million in 2007, according to a press release.
The original 1987 brick office buildings, which sit on 14.8 acres and have 188,478 square feet of office space including parking for 760 vehicles, will immediately undergo $1 million in renovations.
In October 2016, the company broke ground on a 31,000-square foot Resurgens Orthopaedics surgery center in Fayetteville, according to partner Mark Corlew. The Alpharetta acquisition “illustrates our commitment to our expansion into the Atlanta market,” he said.
Partner Anuj Grover called north Fulton a burgeoning sub-market of Atlanta.
“Several high-end lifestyle and cultural development projects including nearby Avalon have made this a highly sought-after area not only for businesses but also for residents,” Grover said. “There is a deep and proximate employee base that will attract sophisticated employers to these buildings.”
The buildings, currently 77 percent leased, are located at 10 and 20 Mansell Court East and 30, 50 and 70 Mansell Court.
Real estate services firm CBRE’s Heather Lamb has the leasing assignment for all five buildings.
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