Mansell Overlook is one of the most prominent office parks. The transaction represents the largest sale in recent years in the specific region of Georgia state, North Fulton (24 miles or 38 km from the downtown of Atlanta). PPF Real Estate has worked on entering the U.S. property market for quite some time as it continually seeks to enhance the diversification of its portfolio. The acquisition of the Mansell Overlook complex has turned out to be a perfect opportunity to do so.
Totaling approximately 654,500 square feet (61,000 m2), Mansell Overlook includes four recently upgraded Class A office buildings featuring a combination of surface and structured parking and an 11-acre (45,000 m2) parcel planned for future development.
“We are excited to enter the United States market by acquiring an institutionally maintained office portfolio that presents opportunities for added value. This acquisition will serve as the platform for future investments by PPF Real Estate in the U.S. real estate market,” said Aaron Smith, PPF Real Estate’s U.S. Managing Director.
Cushman & Wakefield has arranged the sale and financing for the transaction with the sale price exceeding $100 million. PPF Real Estate retains Cushman & Wakefield for management and leasing of the property. The largest tenant at the Mansell Overlook is Yardi, the largest U.S. software developer for the real estate industry. Other office space tenants include Berkshire Hathaway, the investment firm of Warren Buffett, and health insurer Humana. In all, the campus offers offices for more than 3,000 people.
Cushman & Wakefield U.S. Manager Samir Idris said: “The property offered a compelling opportunity to acquire a significant market position with an upside through additional lease-up and the development or sale of the land parcel.”