CBRE Facilitates the Sale and Acquisition Financing for 7-Building Flex Portfolio in Atlanta

CBRE has arranged the sale and $48.5 million in acquisition financing for Northridge Commons, a flex campus totaling seven, single-story buildings and 470,935 sq. ft. in Atlanta.

Will Yowell with CBRE National Office Partners in Atlanta represented the seller, Dilweg, in the sale transaction. Mike Ryan, Brian Linnihan and JP Cordeiro with CBRE Capital Markets’ Debt & Structured Finance team in Atlanta secured the loan on behalf of the sponsor and buyer, Third & Urban. The acquisition comes as part of Third & Urban’s newly formed investment strategy of buying undervalued office and flex industrial assets across the Southeast. The firm will shift the leasing strategy of the portfolio to attract more flex industrial users.

Northridge Commons comprises seven, single-story flex buildings spanning 38.62 acres at 8605 and 8601 Dunwoody Place. At the time of sale, the property was 83% leased to 43 tenants, with an average tenant size of 8,048 square feet. Built in 1980 and 1984, the buildings feature roll-up doors in 100% of the suites, dock-high doors, 14’ to 19’ clear heights, turn-around radiuses, and flexible layouts for a diverse range of users.

"With only 265,000 square feet of new deliveries since 2014, the market has seen sustained tight supply, driving strong rental growth since 2020,” said Will Yowell, a Vice Chairman at CBRE. “The lack of competing properties and new supply has created strong upward pressure on rents, making this a rare and highly sought-after flex asset – especially since it’s the only option south of Holcomb Bridge Road."

"Securing acquisition financing for Northridge Commons allows Third & Urban to capitalize on the property’s significant growth potential,” said Brian Linnihan, a Vice Chairman at CBRE. “The portfolio’s high occupancy rate and diverse tenant mix make it a valuable addition to the new owner’s portfolio.”

Northridge Commons is situated off Georgia State Route 400 at Northridge Road, on the border of two of Atlanta’s established infill neighborhoods: Sandy Springs and Dunwoody. The property benefits from a strong demographic base, with a population of over 218,000 residents and average household income exceeding $157,000 within a five-mile radius.