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Conveniently located one block north of the North Fulton hospital sits The North Meadow Medical Center. Crossgate Partners through its affiliate Northmeadow Parkway, LLC purchased this property in December of 2003 for $5,800,000.
This beautiful two story brick building, which was built in October of 1999, offers 51,189 rentable square feet of office space. Crossgate Partners, LLC is the property management agent for this site and handles all aspects of asset and property management, as well as leasing.
Crossgate has been able to achieve a 16% reduction in operating costs at the property through tighter controls. Since acquiring the property Crossgate secured leases for 98% of the building with North Point Pulmonary Associates, Cardiology of Georgia, North Fulton Urology, Atlanta Cancer Care, Cambridge Medical Group, Northside Hospital, and Dr. Brian Howard.
The lease rates achieved were 12% better than originally projected, resulting in higher distributions to partners from operations. In November of 2007 we sold this asset for $11.85 million. This represents a gain of over $6 million in the 4 short years we owned it and a 280% return on investment.
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CG Research Court, LLC, and affiliate of Crossgate Partners, purchased 333 Research Court in August 2007. This highly appealing value-added property is located on Research Court within the most distinctive and desirable area of Atlanta’s Northeast office market, Peachtree Corners.Crossgate handles all asset and property management and in one year has reduced operating costs by 8%. The property is at the center of Technology Park/Atlanta. The building was built in 1985 and in 1998 part of the roof and many of the mechanical systems were replaced. The building sits on over 7.5 acres and is served by an enormous parking area with more than 5 parking spaces per 1,000 RSF. The two story building contains approximately 65,463 rentable square feet all of which is currently rented. When we acquired the property it was only 61% occupied and within 5 months of our acquisition we were able to lease 95% of the vacant space to four new tenants.
We had originally projected an 18 month lease-up period, which we were able to complete in less than 5 months. Crossgate was instrumental in securing and negotiating all the leases. Investors are currently receiving an 18% annual return on investment due to the quick lease-up of the property.
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CG Tech Park, LLC, an affiliate of Crossgate Partners, purchased 270 Scientific Drive in March of 2006. 270 Scientific Drive is a prime commercial office building located in Norcross, GA. Crossgate Partners is the asset manager and managing member. The conveniently located single story 39,827 SF building features dock doors, an exterior security camera system,
a prominent location in the center of Technology Park and excellent highway access. Current tenants include Jeffer's Engineering Associates, LifeSpan Healthcare, PathCon, Visix and Technology/Park Atlanta. When this property was acquired the occupancy was at only 60%, but by January 2007 it was fully occupied. Crossgate negotiated and secured all leases working with
tenant representatives in the local market. The quick lease-up allowed Crossgate to refinance the asset and return 120% to the partners.Investors are currently receiving a 15% annual return.
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