Summit Real Estate Group is pleased to announce the strategic disposition of the Nortech 1 building at its Peachtree Nortech portfolio in Atlanta, GA. The 216,416 square foot, five-building warehouse portfolio was acquired Q3 2019 on behalf of Summit’s Arrowrock Income & Growth Fund III (AIGF III). Occupancy at the 187,536 square foot, four-building portfolio that remains is 100%.
Since acquisition, Summit’s business plan had called for selling the 28,880 square foot, multi-tenant Nortech 1 building (98% office) fronting Peachtree Industrial Blvd. The Nortech 1 disposition enhances the remaining Peachtree Nortech portfolio which, on exit, will appeal to institutional buyers seeking traditional multi-tenant warehouse assets. Summit has executed on other aspects of its business plan including reducing the percentage of office space in vacant suites, replacing non-traditional office warehouse tenants, updating the buildings’ exterior appearance, and other site improvements including signage upgrades, landscaping enhancements, parking lot repairs, and new roofs on all buildings.