CBRE Investors' latest purchase, Northcreek Office Park in Atlanta's well-regarded Buckhead district, was another signal that strong location and quality assets are still attractive to institutional investors with cash on hand.
Real Capital Analytics' data put the deal in perspective:
- In the first half of 2008, 29 Atlanta office properties were sold for a total of $1 billion and an average price of $42 million)
- total Atlanta Office sales: $2.1 billion over the past 12 months
- average cap rate: 6.7%
- average cost-per-square-foot: $209
- RCA currently ranks the Atlanta market as the ninth most active office sales market in the U.S.