ATLANTA-160 Clairemont, a 122,000-square-foot multitenant office building in Decatur, has a new owner. Miami-based Parmenter Realty Partners bought the building. Public records indicate the sales price was $13 million.

Cushman & Wakefield's Southeast Capital Markets Group represented the seller, Lexington Decatur LLC, an affiliate of Lexington Realty Trust. CushWake’s Stewart Calhoun, David Meline, Samir Idris, and Casey Masters led the sale.

“Lexington Decatur purchased the 160 Clairemont in 1997 as a heavily anchored building with a bank and a trucking company as tenants,” Darice Rose, director of Marketing & Research in the Capital Markets Group of CushWake, tells GlobeSt.com. “The tenants left and the seller converted the building into a multitenant space about four years ago.”

The swift decision paid off for Lexington Decatur. Despite holding an empty building at the beginning of an economic downturn, the move to convert the asset rapidly drove occupancy up from zero to 78% with an average remaining lease of 4.8 years. The repositioning, which included upgrades and renovations, allowed the firm to sell 160 Clairemont at a profit. Rose says Lexington Decatur decided to sell the asset because it doesn’t fit its investment profile.

“This wasn’t a distressed building—they weren’t forced out of it,” Rose says. “Lexington Decatur got a good market price for the building. A high number of quality investors showed interest because it was the perfect profile for today’s market. The building had great underlying cash flow but at the same time it had enough upside that the next owner could get value out of the building.”