Acquisitions in Peachtree Corners and Johns Creek submarkets reflect growing preference for single-story office investing due to tenant demand trends
ATLANTA – January, 2022 – Leading diversified professional services and investment management company Colliers recently supported Somerset Properties’ expansion into the Atlanta market through the acquisition of two offices properties in the Peachtree Corners and Johns Creek submarkets. Senior Vice President Heather Lamb and Vice President Graham Little with the Atlanta office’s Landlord Services Group provided underwriting services in support of the company’s acquisition of the offices: Peachtree Corners II and III and 3970 John’s Creek Court.
“It was an honor to work with Somerset Properties and facilitate their entry into the Atlanta market,” said Lamb. “These acquisitions follow the trend of investors turning to single story office projects as an increasingly preferred investment and conversion of it to creative office given the high demand from office tenants for this type space.”
Somerset Properties is a full service real estate company based in Philadelphia that operates in the eastern United States. The company focuses on the development, operations and investment aspects of for commercial flex, office, industrial and multifamily real estate.
Peachtree Corners II & III is located at 4775 and 4855 Peachtree Industrial Boulevard along Technology Parkway. Besides being surrounded by Peachtree Corners’ many amenities including restaurants, retail, entertainment and greenspace, a large corporate presence and tech incubators have come into the area, attracting skilled millennial labor to the area. Peachtree Corners II & III consists of two parcels that contains approximately 21.45 acres. The property contains two, single story office buildings totalling 163,231 square-feet, 736 parking spaces, landscaping and pedestrian walkways. Peachtree Corners II & III most notable tenants include Technicolor, Medical Doctor Associates and Pinnacle Promotions. Peachtree Corners II & III was built in 2001 and had a creative office transformation in 2019. Somerset Properties intends to further enhance the project with an upgraded outdoor tenant collobaration area and creating modern exposed-ceiling spec suites for the remaining vacancy.
Located in the North Fulton submarket in the city of Suwanee, 3970 Johns Creek Court is a single story, 130,783 square-foot commercial property with office, flex R&D and light industrial uses. The property has maintained a 90% occupancy rate since its construction in 1998 due to its many uses and lack of comparable supply in the area. Somerset Properties’ property improvement plan includes a refresh of the property’s exterior façade and landscaping upgrades but continue to market to light industrial users. The Johns Creek masterplan connects the property with unparalleled amenities and many routes within the region’s transportation network.
Lamb and Little have been retained by Somerset Properties to market and lease Peachtree Corners II & III and 3970 Johns Creek Court.