Local real estate company Third & Urban has acquired Northridge Commons in Sandy Springs.
Northridge Commons is a seven-building, 470,000-square-foot flex industrial campus located at 8601 Dunwoody Place, off GA-400. It is currently 83 percent leased, consisting of a variety of office, flex and warehouse tenants, including Inspire Brands and Invitation Homes, a subsidiary of Blackstone.
According to an announcement, the acquisition is part of Third & Urban’s “newly formed investment strategy of buying undervalued office and flex industrial assets across the Southeast.”
Third & Urban co-founder Pierce Lancaster said the strategy “runs parallel to our development business and leverages our expertise to acquire and hold quality assets, allowing us to capture value in different market cycles.”
The firm plans to reposition some of the office spaces at Northridge Commons to attract more flex industrial users.
“Northridge Commons presented an excellent opportunity to acquire a stabilized, cash-flowing asset in one of Atlanta’s top suburban markets,” Third & Urban Vice President Jon Huang said in a statement. “With its centralized location, refreshed exterior and flexible spaces, the property fits well within our growing investment business.”
Third & Urban’s investment portfolio also includes Dunwoody Park, an 18-acre, eight-building office campus the firm acquired last year, as well as a recently purchased Virginia-Highland street retail portfolio.
The firm also recently acquired the 32-acre site at Corporate Square in Brookhaven, with plans to redevelop the office campus into a mixed-use district with housing and commercial space.
The Third & Urban pipeline encompasses 3.2 million square feet valued at $1.4 billion, according to the announcement.
