Lincoln Property Company Southeast Brokers Sale of Lakeside Office Park in Atlanta’s Central Perimeter
Lincoln Property Company Southeast (Lincoln) has teamed with CBRE to broker the sale of Lakeside Office Park, a nearly 400,000-square-foot office park in Atlanta’s Central Perimeter submarket. Tony Bartlett and Chip Sipple of Lincoln and Jay O’Meara, Will Yowell and Ryan Reethof of CBRE represented the seller, MLGP Lakeside LLC. Crocker Partners purchased the five-building office park; the buyer was not represented by a broker.
Located at 5775 Glenridge Drive, the property occupies a 26-acre site at the northwest quadrant of the most visible intersection in the metro area, that of I-285 and GA 400. More than 400,000 cars pass through this interchange every day, making it one of the most strategic locations in the entire Southeast.
Lakeside Office Park’s five buildings total 398,916 square feet. The property is zoned to accommodate mixed-use development and is entitled for up to 700,000 square feet of office space, 520 apartment units and 8,000 square feet of retail space. Lakeside’s strategic submarket location coupled with its value-add potential for leasing and future development garnered significant interest from the investment community.
“We encountered a very healthy interest in this property in the marketplace, as it offers the opportunity to execute multiple investment strategies,” said Bartlett, senior vice president at Lincoln who oversees the firm’s Atlanta office.
“Crocker Partners can continue to operate Lakeside as a very marketable office park, or they can selectively take advantage of the property’s entitlements to redevelop it as a mixed-use site in the heart of one of Atlanta’s most vibrant submarkets,” added O’Meara, a senior vice president at CBRE.