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HUSREF V Closes on Sterling Pointe I & II Office Buildings
Birmingham, Alabama, Aug. 21, 2015 – Harbert United States Real Estate Fund V, L.P. (“HUSREF V”), in conjunction with The Simpson Organization (“TSO”), recently acquired Sterling Pointe I & II, a two-building, 351,000 square foot, Class A office portfolio in the Central Perimeter submarket of Atlanta, Georgia.
TSO and HUSREF V closed on the office property on August 20th and intend to invest an additional $7.5 million upgrading and leasing space at the property. Sterling Pointe I & II is home to Mercedes-Benz USA headquarters. The property is likely to benefit from rising rental rates and increasing occupancy across the Central Perimeter office market. Sterling Pointe I & II is uniquely positioned to offer onsite amenities including a new flagship Hampton Inn & Suites as well as walkable retail and dining options. The Atlanta office market has recovered all of the jobs lost during the recession and hit a new employment peak in Q1 2015 with the second fastest rate of job growth in the United States. The acquisition is the 11th joint venture between the U.S. real estate team and TSO, adding to a portfolio of well-located office assets with value-add upside through focused operational management.
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