Trinity Capital enters Atlanta market with latest acquisition, partners with Grubb Properties and Nuveen Real Estate to acquire 5995 Windward Parkway
May 10, 2021
Trinity Capital Advisors (“Trinity Capital”) has entered into a joint venture partnership with Grubb Properties and Nuveen Real Estate in the ownership of 5995 Windward Parkway in Alpharetta, Georgia. CBRE’s Will Yowell, Vice Chairman with CBRE’s Capital Markets Institutional Properties in Atlanta, brokered the deal. The Class-A, six-story office building totals 400,000 square feet on 30 acres of land.
The joint-venture partnership subsequently executed a 200,000 square foot lease with Global Payments.
“This acquisition presented a unique opportunity to partner with Nuveen for a fourth time and with Grubb Properties for our first investment together,” noted Walker Collier, Partner at Trinity Capital. “We’re excited to enter the Atlanta market with such a quality asset”
“5995 Windward represents Nuveen’s fourth office investment across several different mandates in Atlanta, which continues to remain a tactical market,” said Chris Adams, director at Nuveen Real Estate. “We are very pleased to have been selected by Global Payments and look forward to a successful partnership with Trinity Capital and Grubb on this project.” The Nuveen Real Estate Southeast office team is led by Charles Russo and comprises nine million square feet throughout the region. Charles and Chris are based in Florida and are currently focused on office and life science opportunities.
In addition to this recent Georgia acquisition, Trinity Capital has recently announced several acquisitions and development projects in the Carolinas. The firm recently re-entered the Charleston, South Carolina, market with the acquisition of 78 acres to develop Trade Park East, totaling 850,000 SF of Class-A industrial space. Two recent land acquisitions in Durham’s Research Triangle Park are being developed into Class-A industrial products (Alexander Commerce Park, totaling 441,000 SF and 147 Exchange, totaling 274,000 SF). Trinity Capital recently acquired Raleigh’s Southport Business Park, a 900,000 SF asset in the heart of the airport submarket that will be converted to creative office and life science space. The firm is currently redeveloping Park Point, investing $190 million to create a 645,000 SF creative office and life science campus in RTP that will be home to Charles River Laboratories and GRAIL, Inc.
“We were very active in 2020, with $652 million in sales, $321 million of acquisitions and development, and 1.1 million square feet amount of new leasing in our existing portfolio,” Collier said. “This transaction was a great way to kick off 2021. So far, we’re trending towards having another exceptionally active year with three land acquisitions of land for industrial development and full pipeline of additional industrial development opportunities across the southeast.”
Trinity Capital has offices in Charlotte and Raleigh and has been actively investing since 2002. The firm currently owns a portfolio totaling 10 million square feet of institutional-quality office and industrial assets throughout the Southeastern US. To date, Trinity Capital has acquired or developed more than 23 million square feet totaling $3.4 billion in cost, with more than $1.2 billion of equity capital invested.