TownPark Commons Trades for $73M in 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.