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1090 AND 1130 NORTHCHASE PARKWAY - Transwestern Atlanta

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1090 AND 1130 NORTHCHASE PARKWAY - Transwestern Atlanta Powered By Docstoc
					                                             Office investment OppOrtunity
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                                                                                                                                                                                                                                                                                                                                1090 and 1130
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                                                                                                                                                                                                        Atlanta’s Northwest submarket is the city’s oldest and larg-
                                                                                                                                                                                                        est concentration of suburban office properties, with more
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                                                                                                                                                                                                        than 32 million square feet of development located along
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                                                                                                                                                                                                        the Interstate 75 corridor. Offering easy access, proximity




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                                          1090 and 1130                                                                                                                                                 to upscale executive housing and a talented labor pool,




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                                        Northchase Parkway                                                                                                                                              and cost-effective options for office space, the Northwest
                                                                                                                                                                                                        is considered one of metro area’s most desirable locations.                                                             class B office oPPortunity
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                                                                                                                                                                                                        This is reflected in the submarket’s vacancy rate of 19%,                                                               in northwest atlanta
                                             NEWMARK E T
                                                                                                                                                                  CHATTAHOOCHEE                         which is the lowest of Atlanta’s primary office districts. R DS
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                                                                                                                                                                                                        Notable employers in the Northwest include Lockheed
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                                                                                                                                                                                                        Martin, Home Depot, Wellstar Health Systems, Genuine
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                                                                                                                                                                                                        Parts, CryoLife, The Weather Channel, Cbeyond, Solvay
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                                                                                                                                                                                                        Pharmaceuticals, Kennesaw State University, and many
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                                                                                                                                                                                                        others. The area is also popular for government agencies
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                                                                                                                                                                                                        and contractors aligned with Dobbins Air Force base, as                   PO
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                                                                                                                                                                                                        well as back-office operations and entrepreneurial startups.
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                                                                                                                                                                                                        The area boasts an unemployment rate below the state
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                                                                                                                                                                                                        and US average.
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                                                                                                                                                                                              Cobb County is nationally recognized as one of the best-run
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                                                                                                                                                                                              jurisdictions, with top credit ratings from Moody’s and Fitch.
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                                                                                                                                                                                         AREA Despite the tough economy, Cobb continues to fund public
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                                                                                                                                                                                              works programs such as streetscape improvements, a new
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                                                                                                                                                                                              courthouse, and expansion of the county school system.
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                                                                                                                                                                                                        The Northwest area also offers some of metro Atlanta’s
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                                                                                                                                                                                                        best demographics, in terms of population growth, income,
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                                                                                                                                                                                                        home prices, and other indicators.
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                                                                                        1090 and 1130 Northchase Parkway are Exclusively Offered by:

                                                   Kevin Markwordt, CCIM                                                                                                                                                                                                         Jon Kleinberg
                                                                             Managing Director                                                                                                                                                                              Managing Director
                                                                               404.842.6508                                                                                                                                                                                   404.842.6506
                                                   kevin.markwordt@transwestern.net                                                                                                                                                                     jon.kleinberg@transwestern.net

                                                                                                                                                                                                                           3340 Peachtree Road, NE, Suite 1000
                                                                                                                                                                                                                           Atlanta, GA 30326
                                                                                                                                                                                                                           t: 404.842.6600 | f: 404.842.6601
                                                                                                                                                                                                                           www.transwestern.net/atlanta
                                                                                                                                                                                                                                                                                                                                                             Exclusively Offered By:
We obtained the information in this offering package from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale,
lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.
Office investment OppOrtunity                                                                                       1090 and 1130 nOrthchase parkway
offering summary                                                                                                                   INvESTMENT HIGHLIGHTS
Transwestern is pleased to exclusively present the op-                                   1130 NorthChase                           Address          1090 and 1130 Northchase Parkway, Marietta, GA 30067
portunity to acquire 1090 and 1130 Northchase Parkway,                                       ParKway
two Class B office buildings located in Atlanta’s North-                                                                           Jurisdiction     Cobb County
west submarket. Totaling 165,397 square feet, the two                                                                              Zoning           OI, Office Institutional
assets offer the following benefits to investors:
                                                             1090 NorthChase                                                       Site Size        15.53 acres
Leasing Momentum in an Improving Market                          ParKway
                                                                                                                                   Size             • 1090 Northchase                                   106,065 SF
                                                                                                       59,332 sF
Despite current market conditions, healthcare firm                                                      2 stories                                   • 1130 Northchase                                    59,332 SF
NCDR recently relocated from a high-rise tower in the                                                                                               • Total                                             165,397 SF
nearby Galleria area and leased 39,869 square feet
                                                                                                                                   Stories          • 1090 Northchase                                            3
in the 1090 building. This deal underscores both the
                                                                                                                                                    • 1130 Northchase                                            2
historic strength of the Northwest submarket and the
growing amount of leasing activity, particularly in cost-                   106,065 sF                                             Year Built       • 1090 Northchase                                         1988
effective properties where tenants can lock-in long-term                     3 stories                                                              • 1130 Northchase                                         1986
savings.                                                                                                                           Percent Leased   • 1090 Northchase                                         73%
                                                                2-story                                                                             • 1130 Northchase                                          61%
Excellent Northwest Atlanta Location                         parking deck                                             2.68-aC                       • Average                                                 68%
Located right off I-75 at the Delk Road interchange,                                                                natural area
                                                                                                                                   Major Tenants    • NCDR                               39,869 SF      Exp. 1/16
Northchase Office Park is an established and successful
                                                                                                                                                    • JDA Software                       37,142 SF      Exp. 10/12
suburban office development. Northchase offers ten-
                                                                                                                                                    • Focus Receivables Mgmt.            35,959 SF      Exp. 7/12
ants quick and easy access to the abundant surrounding
area amenities, nearby executive housing, and the ability                                                                          Amenities        • Newly upgraded atrium lobbies
to tap into Cobb County’s highly-educated labor pool.                                                                                               • Immediate access to I-75
                                                                                                                                                    • Loading dock and storage area
Institutional-Quality Construction                                                                                                                  • Large data room with separate HvAC and backup
                                                                                                                                                      generator
Built in 1986 and 1988, 1090 and 1130 Northchase fea-                                                                                               • Abundant surrounding area amenities on Delk Road and
ture attractive brick and glass facades with a distinctive                                                                                            Cobb Parkway — restaurants, hotels, banks, and more
architectural design at the entrances to the recently                                                                                               • Located on Cobb Community Transit bus line
upgraded atrium lobbies. Building systems have been
                                                                                                                                   Parking          • 1090 Northchase          3.8 spaces per 1,000 SF (406 spaces)
maintained to high standards thanks to the on-site
                                                                                                                                                    • 1130 Northchase          5.8 spaces per 1,000 SF (346 spaces)
management team, and the park’s heavily wooded and
landscaped setting provides an upscale and professional                                                                            Construction     • Reinforced concrete slab foundation with concrete footings
                                                                                                                                                      and pilings
environment.
                                                                                                                                                    • Steel-reinforced concrete column frame with steel beams
                                                                                                                                                      and decking
Abundant Parking                                                                                                                                    • Flat roof with asphalt and gravel cover (1090 building’s roof
The 1090 building has an adjacent two-level deck and                                                                                                  was replaced in 2004)
                                                                                                                                                    • Interior improvements of gypsum board walls, concrete
surface parking with a total ratio of 3.8 spaces per 1,000                                                                                            floors with carpet or tile covering, and standard commercial
square feet. The 1130 building boasts an above-market                                                                                                 suspended tile ceilings and fluorescent light fixtures
ratio of 5.8 surface spaces. In total, the two buildings
                                                                                                                                   Systems          • Roof-mounted HvAC systems with separately-controlled
provide tenants with an large parking ratio of 4.5 spaces                                                                                             zones
per 1,000 square feet.                                                                                                                              • Six Dover elevators (three per building, including two
                                                                                                                                                      2,500-pound passenger elevators and one 4,000-pound
                                                                                                                                                      freight elevator)
Potential Upside                                                                                                                                    • Card-key 24/7 access security system
Currently 68% leased, the successful purchaser of 1090                                                                                              • Overhead wet sprinkler system
and 1130 Northchase can capitalize on the recent NCDR                                                                                               • Two restrooms per floor
lease and the improving office market conditions to
                                                                                                                                   Landscaping      • Mature natural tree buffers
backfill remaining vacancies and boost overall income
                                                                                                                                                    • Extensive landscaping with courtyards and picnic areas
and occupancy.

				
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