Newmark Capital Markets has announced the $73.25 million, private, off-market sale of TownPark Commons, a 350,000-square-foot Class A office campus located in the Kennesaw submarket of northwest Atlanta. With a long-term high occupancy history, the property is currently 99 percent leased to a diverse roster of national and international tenants.
Matt Tritschler, executive managing director of Newmark Capital Markets, represented the buyer, Adventus Opportunity Fund (Adventus), in the transaction with the seller, TSP TownPark LLC, who was represented by Eastdil Secured. As a dominant owner of Kennesaw’s Class A office space, this sale brings the Adventus Group’s portfolio to 1.2 million square feet in the Atlanta area. In addition to TownPark Commons, Adventus owns Barrett Lakes Center, the 320,000-square-foot office campus in Kennesaw.
“Both the Atlanta and Kennesaw office markets continue to experience rapid job growth, rising rental rates and decreasing vacancy,” said Tritschler. “And the appeal of this private, off-market sale is bolstered by its convenient access to I-75 and I-575, as well as its proximity to Kennesaw State University and an abundance of major employers.”
TownPark Commons includes four Class A four-story buildings located on 22.21 acres within the TownPark mixed-use development. Built in 1997 and 1998, the buildings are located at 125 TownPark Drive, 175 TownPark Drive, 225 TownPark Drive and 500 TownPark Lane.
While TownPark Commons has been institutionally owned since construction, significant upgrades to the buildings and landscaping have recently been completed to enhance the campus environment. Outstanding design and location within the market and local mixed-use development have attracted an outstanding tenant roster.
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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