One and Two Parkway Center under New Ownership
- Sep 12, 2014
The Marietta complex totaling 458,861 square feet has been purchased in a direct off-market transaction by Fairlead Commercial Real Estate and equity partner Bridge Investment Group Partners, managers of the ROC Funds.
Fairlead Commercial Real Estate, LLC is an Atlanta-based privately held real estate investment and operating company with offices in Florida, Hong Kong, and Singapore. The firm is currently involved mainly in the acquisition, management and reposition of office and industrial properties in the Southeastern United States. Fairlead purchased the 458,861 square-foot class A office complex directly from an undisclosed seller and the acquisition moves Fairlead’s corporate investment fund to 35 percent deployed. The company’s Atlanta office will oversee the assets with Jeff Shaw, Jim Caswell and Stewart Thrash responsible for leasing.
Located at 1800 Parkway Place—directly off of I-75 and South Marietta Parkway at the exit ramp of the GA-120 loop—Parkway Center comprises 16 acres which includes a 5.1-acre development site reserved for a 300,000-square-foot office building or data center. One and Two Parkway Center were 54 percent leased at the time of the transaction and the new owners plan to invest approximately $4.5 million to upgrade the operating systems, common areas and tenant amenities of the two buildings. John Ward, chief investment officer of Fairlead, said the firm is also looking to acquire another $500 to $600 million in industrial and office assets over the next 18 to 24 months in the Southeastern United States and Texas.
Fairlead President Jeff Shaw is confident regarding the successful future of the office park. “One and Two Parkway Center are the only Class A suburban buildings in a Georgia Opportunity Zone [Marietta Opportunity Zone] as well as being in a HUBzone and the Global Greentech Corridor,” he said in a recent press statement.” This translates into significant financial tax incentives for new and growing companies of up to $10 a square foot in lease value,” he added.
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