Alex. Brown Realty (ABR) and CIP Real Estate have acquired Perimeter Place Business Park, a 103,419-square-foot R&D/flex industrial business park located in Atlanta.
ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $3.12 million in the joint venture. Financing for the acquisition was provided by Silvergate Bank.
“The Perimeter Place investment represents another opportunity to partner with CIP, a best-in-class operator,” said John Prugh, chairman of ABR. “The asset will be positioned to drive strong cash flows and build market value, which should achieve excellent returns for the fund.”
The six-building portfolio is situated on 8.1 acres located on I-285 in Doraville, a North Atlanta submarket close to Buckhead. Building sizes range from 5,000 square feet to 25,000 square feet, and at acquisition the park was 87 percent occupied by 30 tenants.
The joint venture strategy includes leasing the remaining vacant space and
