Lockwood Development Partners has purchased the 160,539-square-foot Royal Ridge office building on 13.2 acres adjacent to Northside Hospital for $21.1 million in an all-cash deal. This purchase satisfies the debt of seller Richmond Honan LLC to mortgage holder RGA Reinsurance Co., thus preventing foreclosure on the property.
Since acquiring this asset in 2021, Richmond Honan had difficulty attracting tenants and was scheduled for a foreclosure sale by RGA Reinsurance Co last October; however, this was stopped by their bankruptcy filing that same month.
Located at 11680 Great Oaks Way in Alpharetta near GA 400 and North Pointe Parkway, Royal Ridge is a six story Class A office building developed with medical tenants in mind by Childress Klein Properties back 2001 and renovated 2019 featuring amenities such as fitness center & restaurant, shipping & receiving dock as well as showers & lockers .
