ATLANTA-Parkside Partners has acquired the 1440 Dutch Valley Place building adjacent to Piedmont Park's expansion and Atlanta Beltline in Midtown. At $2.7 million, Parkside beat out eight other bidders in a short sale for the Ashwood Development-owned property.

Parkside renamed the building Parkside Piedmont and launched a large-scale, seven-figure renovation. When the work is completed, Parkside's total investment will total $4.5 million.

“The building was converted to ‘light loft’ office space about 10 years ago by the previous owner,” Kyle Jenks, a principal of Parkside Partners, tells GlobeSt.com. “The owner was a residential developer and did not have the expertise or experience that we have as a commercial developer. Therefore, while the building has been well leased in the past, we can renovate and reposition the building in the market to increase occupancy and rates as well as the long-term value of the building.”