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A look at 1690 Bluegrass Lakes Parkway in Alpharetta.

An investment deal has been closed.  Yes, you read that correctly. Some investment sales are actually closing, and while they're not the blockbuster deals of four years ago, they may be indicative of a broader trend where end users buy instead of lease properties to take advantage of depressed pricing.

Colliers Spectrum Cauble Senior Vice President Bill Buist represented the property owners in the disposition of two high-finish flex buildings, a 19,300-square-foot development in Alpharetta that sold for $85 per square foot and 6,600-square-foot Norcross building that sold for $111 per square foot. PCL sold the Alpharetta building, which is at 1690 Bluegrass Lakes Parkway, to local firm Tebarco Mechanical. Mayzco Inc. sold the 6577 Peachtree Industrial Boulevard property in Norcross to dental supply firm Zirkonzahn.

The Alpharetta sale involved relatively little leverage, while the Norcross sale was all cash though both buyers had solid credit, Buist said.

"The only people who can borrow money are the ones who don't need it," he said.

Colliers' Research Director Scott Amoson pointed out that most of the sales that did close last year, especially industrial property sales, involved users jumping on cheap product, though most of the deals were under 100,000 square feet and $6 million. Cash-squeezed sellers looking to pare portfolios play a factor, too. On the other hand, tenants also have to consider depressed rental rates and heightened concessions.

"I've got to believe that those tenants who have the credit are really crunching the numbers and seeing what kind of discount they can get to their bottom line by buying their own property, especially since prices are so low," Amoson said.