Atlanta Office Complex Trades for $14M
The property previously changed hands in 2018 at triple the price.
An affiliate of Northside Hospital has purchased Glenridge Point, a 184,912-square-foot office complex in Sandy Springs, Ga. Richmond Honan Development & Acquisitions sold the two-building property for $14.2 million, according to CommercialEdge information.
Colliers Senior Vice President Tom Davenport and Vice President Dany Koe worked on behalf of the receiver, B. Riley Advisory Services.
The office complex last traded in 2018, when Richmond Honan acquired the asset for $44.5 million in a portfolio transaction from Pope & Land Enterprises, the same source shows.
Office complex on Pill Hill
Located at 100 & 200 Glenridge Point Parkway, the property is at the intersection of Interstate 285 and Georgia Highway 400. The office complex is nearby the Pill Hill medical hub and some 14 miles from downtown Atlanta.
Completed in 1970 on 3.6 acres, the five-story Glenridge Point incorporates floorplates ranging between 18,417 and 18,771 square feet, four passenger elevators and a total of 670 car parking spaces. The low-rise property underwent renovations between 1999 and 2016. Amenities feature outdoor space with seating area and EV parking spots.
The tenant roster includes eVestment and Keller Williams Realty First Atlanta, among others, according to CommercialEdge.
In the last quarter of 2024, office sales in the U.S. totaled $9.1 billion across 365 transactions, covering 46.9 million square feet. This marks a significant decline compared to the previous quarter, with a 37.1 percent drop in sales count and a 25.3 percent decrease in square footage.
Year-over-year comparisons also show a decline in office investment activity, with the last quarter of 2023 ending with $11.2 billion across 612 office sales.
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