Newmark Capital Markets has completed the sale of two office buildings, located at 1544 Old Alabama Road and 900 Holcomb Woods Parkway, in Roswell, an affluent suburb north of Atlanta, to RD Sharma.
Eva Horton, managing director at Newmark Capital Markets, represented the seller, the world’s largest CMBS special servicer, LNR Partners LLC. Located on either side of Holcomb Woods Parkway, the office buildings offer easy access to Holcomb Bridge Road and Georgia 400 from Old Alabama Road.
The three-story, 70,000-square-foot building on Old Alabama Road is situated on a 6.28-acre lot with two points of access and ample parking. McCalla Raymer Leibert Pierce LLC, a full service residential and commercial real estate legal services firm, occupies 100 percent of the building.
“With the recent renewal of the McCalla Raymer lease,” said Horton, “this sale offered the perfect opportunity for an investor to purchase a stable, single-tenant office building in a strong Atlanta submarket, while benefiting from the value-add component of a smaller 20,000-square-foot building - a combination not often seen.”
The buyer, RD Sharma, recently sold the two-story, 20,000-square-foot building on Holcomb Woods Parkway to a corporate user. The move reflects the high demand for commercial space in the submarket, especially near the Georgia 400 corridor, which is experiencing massive growth.
According to Newmark Research, Atlanta’s office investment sales experienced the second-highest mid-year total in five years, with a 6.7 percent rise in average price per square foot (PSF) from the end of 2017. With a $13.6 million price tag, the two-property office portfolio equates to $151 PSF, which is just below Atlanta’s mid-year average of $181 PSF and well above the low of $30 PSF.
“We are appreciative of our longtime partnership with the Newmark Capital Markets team, and their strategic guidance through every step of the disposition,” said Mark Miller, senior vice president of LNR Partners LLC. “Newmark Capital Markets exceeded our expectations in terms of quickly identifying the buyer and masterfully negotiating the sale.”
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.