ATLANTA—Parkway Center in Atlanta has traded hands. Bridge Office Fund Manager, an affiliate of Bridge Investment Group, sold the asset to Simpson Group. Financial terms of the deal were undisclosed.
Cushman & Wakefield's David Meline, Samir Idris, Andy Johns, and Stewart Calhoun represented Bridge. At the time of the sale, the property had 29 tenants including WellStar Health Systems, Georgia's largest and fastest growing healthcare system.
“We saw great opportunity for this property and with an effective business plan we repositioned the asset into a modern, highly-visible, institutional quality office property while working closely with the Marietta CID to improve the overall Franklin Gateway corridor,” says Jeff Shaw, principal with Bridge Office and CEO of Bridge Commercial Real Estate. “The capital improvements and addition of best-in-class onsite amenities combined with an aggressive, hands-on leasing strategy have made Parkway Center a highly desirable and relevant location for employers in search of office space in the area.”
Parkway Center sits in an ideal position in Atlanta's Northwest Submarket and is the only class A office space for a 12-mile stretch along Interstate 75 between Interstate 285 and Interstate 575. The Northwest Submarket is the city's largest office submarket containing nearly 23 million square feet spanning over 15 miles. The office location is a short drive to Historic Marietta Square, East Cobb executive community and the new Atlanta Braves' SunTrust Park.
The 16-acre, master-planned office campus is part of the emerging Gateway Marietta Community Improvement District. The district has spurred more than $250 million in local public-private investment since 2013, resulting in an impressive revitalization. (Want to learn about another hot submarket? Click here.)
The office property includes two distinctive 12-story class A office towers totaling 460,000 square feet and sits next to Interstate 75 in the Northwest/Cumberland/Galleria submarket.
Bridge Office invested significantly into repositioning the property including HVAC, collaborative common areas, lobby renovations, a landscape overhaul and parking garage improvements. As an owner-operator, Bridge Commercial Real Estate was responsible for the commercial leasing and property management of the asset during the hold period.
(How is pre-leased office space impacting Atlanta's market? Find out.)
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