Loading, Please Wait...
BIRMINGHAM, Ala., April 10, 2019 (GLOBE NEWSWIRE) -- Harbert United States Real Estate Fund VI, L.P. (“HUSREF VI”), in conjunction with The Simpson Organization (“TSO”, jointly the “JV”), recently acquired 800 & 900 North Point Parkway (“800 & 900”) and 3905 Brookside Parkway (“3905”), three attractive office properties totaling approximately 380,000 SF in Alpharetta, in the North Fulton County submarket, northeast of Atlanta.
TSO and HUSREF VI closed on the portfolio on April 8, 2019, and intend to invest capital to both address deferred maintenance items as well as to update and improve the existing amenities while continuing to offer a compelling value to tenants. Planned improvements at 800 & 900 include updating the café, conference center and fitness center, as well as further activating the plaza and outdoor spaces. 3905 is currently vacant and the JV will implement an aggressive leasing strategy in order to stabilize the property.
About the Simpson Organization
TSO is a closely held real estate investment banking firm that was founded in the midst of the real estate downturn of the late 1980s by A. Boyd Simpson. Today TSO invests capital with other investors in assets for its own account. Over the last twenty-five years, Mr. Simpson has nurtured and grown the organization into a full-service real estate investment company that has completed in excess of $3 billion of commercial real estate transactions. The company employs approximately 80 professionals and is headquartered in Atlanta with additional offices in Orlando, Charlotte, Raleigh, Chattanooga and Roanoke.
About Harbert Management Corporation
HUSREF VI is sponsored by Harbert Management Corporation (“HMC”). HMC, together with its sponsored funds, has owned, developed and managed multifamily, office, industrial, retail, self-storage, and mixed use properties throughout the United States. HMC has a history of identifying real estate investment opportunities through its network of long-term, strategic relationships. HUSREF VI’s approach is hands-on, targeting properties that the HUSREF VI Investment Team believes are undervalued, and where value can be created through focused operational management. HMC has $6.3 billion in regulatory assets under management as of March 31, 2019. Additional information about HMC can be found at www.harbert.net.
Contact: HMC Investor Relations
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/704ef8bb-9f25-4a9a-9264-5cc0f6af4091