Intercontinental Acquires Lakeside Commons in Atlanta, GA on behalf of U.S. Real Estate Investment Fund, LLC
Intercontinental Real Estate Corporation (“Intercontinental”) a national real estate investment, development and management firm headquartered in Boston, MA, announced the acquisition of Lakeside Commons in Atlanta, Georgia. The acquisition, made on behalf of Intercontinental’s U.S. Real Estate Investment Fund, LLC (“US REIF”), was led by Michael Keyes, Director, Acquisitions at Intercontinental. The purchase price was $102,800,000.
Lakeside Commons is a 514,000 square foot office complex consisting of two Class A office developments and a structured parking facility. Located in Atlanta’s Central Perimeter submarket, Lakeside Commons sits just east of GA-400, Atlanta’s primary north-south thoroughfare, and just north of I-285, Atlanta’s beltway that circles the metropolitan market. This location provides ease of access to tenants and visitors alike. The complex is set amid a meticulously landscaped backdrop that includes an outdoor seating and patio area with the focal point being a lake complete with a central geyser and waterfall. This setting makes for an unparalleled campus environment within the Central Perimeter submarket.
The buildings are designed to enable ownership to easily subdivide floors to accommodate tenants of all sizes. The asset is currently 97% leased to a diverse tenant roster including national and international companies, both public and private. Anchoring the asset is Porsche Cars North America, Porsche AG’s North American headquarters; Argosy University, a leading institution on professional psychology; and Brown & Caldwell, a national environmental engineering firm with 45 offices and over 1,500 employees.
Thomas Taranto, Director of Acquisitions, Asset and Portfolio Management at Intercontinental stated, “Lakeside Commons is one of the most competitive and distinct office properties in Atlanta’s Central Perimeter submarket. It will be a great addition to our US REIF portfolio.”
Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has developed, managed and owned over $4 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects. Presently, Intercontinental owns and manages a portfolio in excess of $2 billion for its clients and is actively seeking opportunities to invest in core, core plus as well as value oriented development projects.