TownPark Commons, 125 – 500 TownPark Drive, Kennesaw, GA TownPark Commons, 125 – 500 TownPark Drive, Kennesaw, GA

KENNESAW, GA—Vancouver, BC-based Adventus RE Partners has acquired TownPark Commons, a 350,012-square-foot office project at 125 – 500 TownPark Drive in Kennesaw, GA, for a reported $73.3 million, according to Real Capital Analytics, a proprietary research database service. Transwestern Investment Group says it sold the property on behalf of one of its managed funds. Real Capital Analytics says the seller was Pearlmark Real Estate Partners.

Originally constructed between 1996 and 1998, TownPark Commons consists of four midrise, class A office buildings in the Kennesaw submarket of Northwest Atlanta. The property features an attractive four spaces per 1,000 square feet parking ratio, a remodeled conference and training facility, a modernized deli, and a state-of-the-art fitness center. The resulting product delivers a best-in-class office experience to its diverse roster of tenants and contributed to the execution of over 142,000 square feet of leasing during the hold.

At disposition, TownPark Commons was 100%-leased to a strong and diverse rent roll of 23 tenants. The campus offers tremendous corporate appeal with outstanding consistency, as demonstrated by its 92% average occupancy over the last 20 years and an average tenure at the property for existing tenants of 15.2 years. When combined with a weighted average lease term longer than eight years, the asset provides durable, long-term cash flow.

Transwestern provided management and leasing services for the property, led by senior vice president Jeff Taylor. In that role, Taylor and Transwestern were instrumental in securing lease extensions from two of the project's largest tenants, ensuring a successful disposition.

Eastdil Secured represented the seller in the transaction.

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Steve Lubetkin

Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].

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