{"id":1004608368,"date":"2022-10-24T03:00:00","date_gmt":"2022-10-24T11:00:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004608368"},"modified":"2022-12-08T10:04:01","modified_gmt":"2022-12-08T18:04:01","slug":"kdc-buys-1-msf-office-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kdc-buys-1-msf-office-portfolio\/","title":{"rendered":"KDC Buys 1 MSF Office Portfolio"},"content":{"rendered":"
\"Park<\/a>

Park Center Buildings 2 and 3. Image courtesy of KDC<\/p><\/div>\n

Corporate developer and investment firm KDC<\/strong> acquired two Class A office buildings totaling more than 1 million square feet in the north Atlanta suburb of Dunwoody, Ga. The company purchased the properties in a sale-leaseback deal with State Farm<\/strong>.<\/p>\n

Park Center Buildings 2 and 3 were originally developed by KDC as part of its 17-acre Park Center. Leased by State Farm, the two buildings include nearly 40,000 square feet of retail space. A 4,223-space parking structure and a 2.56-acre parcel for future development were also included in the acquisition.<\/p>\n

The master-planned, transit-oriented, ground-up corporate office project reportedly was the largest of its kind in metro Atlanta\u2019s history at the time it got underway.<\/p>\n

\n

READ ALSO<\/strong>: Inflation Raises the Stakes for Office Landlords<\/a><\/p>\n

\n

Park Center 2 has 621,000 square feet of office space along with 39,152 square feet of retail space and was completed in 2020. Park Center Building 3 totals 440,000 square feet and was completed in 2021.<\/p>\n

The buildings are located on 12.2 acres at Hammond Drive and Perimeter Center Parkway, adjacent to the Dunwoody MARTA station.<\/p>\n

KDC began Park Center with Park Center Building 1, which was completed in 2016 and totals 620,000 square feet.<\/p>\n

In a prepared statement, KDC President Toby Grove noted that the company has developed two campuses for State Farm: Park Center and also the CityLine development in Richardson, Texas.<\/p>\n

KDC funded the acquisition using its internal capitalization, which was established with the investment by Cadillac Fairview<\/strong> in 2021<\/a>, along with ongoing ownership and funding from KDC and Compatriot Capital<\/strong>.<\/p>\n

A Dallas-based Northmarq<\/strong> debt\/equity team of Phillip Askew, Ronald Reese and Charlie Robinson arranged financing for the acquisition through its life insurance company relationships.<\/p>\n

KDC has undisclosed plans for future phases of Park Center.<\/p>\n

Time to slow down<\/h2>\n

Metrowide, the Atlanta office market has a total vacancy of 21.4 percent, as a result of a surge in deliveries larger than anything in two decades\u20142.0 million square feet\u2014and despite positive absorption, according to a third-quarter report from JLL<\/strong>.<\/p>\n

The sublease market is quite active, with high availability and also with a dozen large blocks of Class A sublease space having been taken so far this year, for a total of about 400,000 square feet.<\/p>\n

Class A office space in the northeast suburban submarket has an overall vacancy of 18.1 percent, on an inventory of about 8.1 million square feet, also according to JLL.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a sale-leaseback deal, the company has acquired two office buildings in suburban Atlanta. <\/p>\n","protected":false},"author":882,"featured_media":1004608392,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,22251,21783,21742,21747],"tags":[48794,51446,32796,33619,50380],"class_list":["post-1004608368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-in-focus","category-investment","category-latest","category-office","tag-cadillac-fairview","tag-compatriot-capital","tag-jll","tag-kdc","tag-northmarq"],"acf":[],"yoast_head":"\nKDC Buys 1 MSF Office Portfolio - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"KDC has acquired two Class A office buildings in the north Atlanta suburb of Dunwoody, in a sale-leaseback with State Farm.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kdc-buys-1-msf-office-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KDC Buys 1 MSF Office Portfolio\" \/>\n<meta property=\"og:description\" content=\"KDC has acquired two Class A office buildings in the north Atlanta suburb of Dunwoody, in a sale-leaseback with State Farm.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kdc-buys-1-msf-office-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-24T11:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T18:04:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/Park-Center-Buildings-2-and-3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"811\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kdc-buys-1-msf-office-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kdc-buys-1-msf-office-portfolio\/\",\"name\":\"KDC Buys 1 MSF Office Portfolio - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kdc-buys-1-msf-office-portfolio\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kdc-buys-1-msf-office-portfolio\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/Park-Center-Buildings-2-and-3.jpg\",\"datePublished\":\"2022-10-24T11:00:00+00:00\",\"dateModified\":\"2022-12-08T18:04:01+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"KDC has acquired two Class A office buildings in the north Atlanta suburb of Dunwoody, in a sale-leaseback with State Farm.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kdc-buys-1-msf-office-portfolio\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/kdc-buys-1-msf-office-portfolio\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kdc-buys-1-msf-office-portfolio\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/Park-Center-Buildings-2-and-3.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/Park-Center-Buildings-2-and-3.jpg\",\"width\":811,\"height\":600,\"caption\":\"Park Center Buildings 2 and 3. 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