{"id":1004134662,"date":"2016-01-13T06:13:49","date_gmt":"2016-01-13T14:13:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004134662"},"modified":"2020-04-29T08:32:05","modified_gmt":"2020-04-29T16:32:05","slug":"atlanta-master-planned-business-park-changes-hands","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/atlanta-master-planned-business-park-changes-hands\/","title":{"rendered":"Atlanta Master-Planned Business Park Changes Hands"},"content":{"rendered":"<p><em>By Keith Loria, Contributing Editor<\/em><\/p>\n<div id=\"attachment_1004134663\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Atlanta-business-park.gif\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004134663\" data-attachment-id=\"1004134663\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/atlanta-master-planned-business-park-changes-hands\/atlanta-business-park\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Atlanta-business-park.gif\" data-orig-size=\"390,208\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Atlanta business park\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Atlanta-business-park.gif?w=390\" class=\"wp-image-1004134663 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Atlanta-business-park-300x160.gif\" alt=\"Atlanta business park\" width=\"300\" height=\"160\" \/><\/a><p id=\"caption-attachment-1004134663\" class=\"wp-caption-text\">Gwinnett Corporate Center<\/p><\/div>\n<p><a href=\"https:\/\/westmountrc.com\/\" target=\"_blank\" rel=\"nofollow\">Westmount Realty Capital LLC<\/a> and Quilvest Private Equity have partnered to acquire Gwinnett Corporate Center, 17 Class A buildings totaling 1.2 million square feet, in Norcross, Ga. The sale also included an additional six-acre, pad-ready site for future development.<\/p>\n<p>Westmount is the managing member and will provide property management services as well.<\/p>\n<p>\u201cWe like the general dynamics of what\u2019s going on in Atlanta,\u201d Clifford Booth, Westmount\u2019s president, told CPE. \u201cWe\u2019ve been investors in the Atlanta market for 25 years and we\u2019ve seen how the Atlanta economy has come back, although slower than some other places in the country, but clearly stronger now.\u201d<\/p>\n<p>Located at 1700-1865 Corporate Dr., and 4145-4165 Shackleford Road, the 115-acre property is one of\u00a0the premier\u00a0master-planned business parks in the I-85 northeast corridor.<\/p>\n<p>Light industrial, rear-load, multi-tenant buildings make up most of the Corporate Drive properties, ranging in building construction year from 1984 to 2000, with typical clear heights of 20 to 23 feet. The Shackleford Road properties are office buildings and were built between 2000 and 2002. The industrial buildings are currently at 79 percent leased in a 93 percent-occupancy market, and the office buildings are even more under-performing at 48 percent in a market with 81 percent occupancy.<\/p>\n<p>\u201cThis is a very high-grade quality park and we were attracted to that quality, its tenancy, and its location,\u201d Booth said. \u201cThe portfolio seems to us performing less than the market right now and we\u2019re excited about the possibilities of adding occupancy to the properties.\u201d<\/p>\n<p>Westmount will perform speculative tenant improvements in both the industrial and office buildings in order to enhance the project&#8217;s appeal and ability to accommodate near-term occupancy requirements. Once the renovation is completed, Westmount will then rebrand the property as Gwinnett Commons and reintroduce the project to the brokerage community.<\/p>\n<p>\u201cThis is right down the fairway for us,\u201d Booth said. \u201cWe\u2019re strong in industrial, Atlanta is one of our primary markets and this is clearly a value-add strategy play for us.\u201d<\/p>\n<p>Originally owned by the Dexter Companies for more than three decades, the single-story, brick-exterior complex is close to three I-85 interchanges, and was developed in eight phases.\u00a0The newly appointed leasing agent, Reliant Real Estate Partners, will be conducting an aggressive leasing campaign on the property.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Westmount Realty Capital and Quilvest Private Equity teamed up to purchase a mammoth 1.2 million-square-foot office park comprising 17 Class A buildings in Atlanta.<\/p>\n","protected":false},"author":451,"featured_media":1004134664,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21743,21808,21742,21747],"tags":[],"class_list":["post-1004134662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-deals","category-featured","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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