“This region is going through a significant revitalization,” says Will Culp, partner with South Street. “The opportunity to acquire an asset in a dynamic growth market that has already proven to be a draw for corporate tenants made for a compelling risk-adjusted investment opportunity.”

Colliers International represented the owner, in the sale of the park which consists of four, single- story buildings and two, two-story buildings. ACORE Capital, a leading commercial real estate finance company, provided the financing for the transaction, which was arranged through Mark Strauss at Walker & Dunlop.

The new ownership plans to actively market the remaining vacant space in order to stabilize the asset above 90% occupancy. New ownership also envisions a rebranding of the business park to be completed over the following months. Colliers will continue to handle office leasing and property management on behalf of the joint venture.

Class A direct office occupancy witnessed a decline for the second quarter in a row, sliding by 80 basis points to 85.3%. The quarterly decline in Class A direct occupancy levels largely resulted from new supply outstripping demand with nearly 1.3 million SF coming online, according to PMRG's second quarter report. (Big trades are still being recorded in Atlanta's office market.)

“Landlords in the desirable submarkets will remain in control when negotiating leases,” Bill Weghorst, president of PRMG's Eastern division, tells GlobeSt.com. “We will still see limited concessions and rising rentals rates as long as the options for larger tenants are limited.”

ATLANTA—Newmarket Business Park, a six-building office complex in Marietta, GA, has traded hands. A joint venture led by Praelium Commercial Real Estate, a Southern California-based commercial real estate investment company, and South Street Partners, a Charlotte, NC-based real estate private equity investment firm, acquired the office assets.

The 85% occupied commercial real estate property is located between Cobb Parkway and Franklin Gateway, northwest of greater Atlanta. Home Depot USA occupies 66% of the property, which spans 471,486 square feet.

“This property is an excellent fit for our national investment strategy,” says Scott G. San Filippo, founding principal of Praelium. “Atlanta is a solid market and the property benefits from a national credit tenant with a long-term lease in place that has already made a significant investment in this location.”

The Marietta submarket is already home to a number of corporate tenants, including Home Depot's satellite office space. In addition to the new Braves Stadium and The Battery Atlanta, the Atlanta United Football Club professional soccer team practice complex recently opened within one mile of the business park.

“This region is going through a significant revitalization,” says Will Culp, partner with South Street. “The opportunity to acquire an asset in a dynamic growth market that has already proven to be a draw for corporate tenants made for a compelling risk-adjusted investment opportunity.”

Colliers International represented the owner, in the sale of the park which consists of four, single- story buildings and two, two-story buildings. ACORE Capital, a leading commercial real estate finance company, provided the financing for the transaction, which was arranged through Mark Strauss at Walker & Dunlop.

The new ownership plans to actively market the remaining vacant space in order to stabilize the asset above 90% occupancy. New ownership also envisions a rebranding of the business park to be completed over the following months. Colliers will continue to handle office leasing and property management on behalf of the joint venture.

Class A direct office occupancy witnessed a decline for the second quarter in a row, sliding by 80 basis points to 85.3%. The quarterly decline in Class A direct occupancy levels largely resulted from new supply outstripping demand with nearly 1.3 million SF coming online, according to PMRG's second quarter report. (Big trades are still being recorded in Atlanta's office market.)

“Landlords in the desirable submarkets will remain in control when negotiating leases,” Bill Weghorst, president of PRMG's Eastern division, tells GlobeSt.com. “We will still see limited concessions and rising rentals rates as long as the options for larger tenants are limited.”