Dealmaker: TownPark Commons Changes Hands for $73M

Adventus Opportunity Fund, Vancouver, B.C. acquired 350,000-square-foot Atlanta-area office property TownPark Commons from a Transwestern Investment Group affiliate for $73.25 million.

The private, off-market sales price equaled $209 per square foot.

Constructed between 1996 and 1998, TownPark Commons includes four mid-rise Class A office buildings in northwest Atlanta’s Kennesaw submarket, 125 TownPark Drive, 175 TownPark Drive, 225 TownPark Drive and 500 TownPark Lane on 22 acres within the TownPark mixed-use development.

At disposition, TownPark Commons was 100 percent leased to 23 tenants. The campus has averaged 92 percent occupancy over the last 20 years with a 15.2-year average tenure at the property. When combined with a weighted average lease term in excess of eight years, the asset provides durable, long-term cash flow, said NKF Capital Markets Executive Managing Director Matt Tritschler, who represented Adventus.

Eastdil Secured, New York, represented seller TSP TownPark LLC. Transwestern provided management and leasing services for the property, led by Senior Vice President Jeff Taylor.

“Both the Atlanta and Kennesaw office markets continue to experience rapid job growth, rising rental rates and decreasing vacancy,” Tritschler said .

In addition to TownPark Commons, Adventus owns 320,000-square-foot office campus Barrett Lakes Center in Kennesaw. The transaction brought the Adventus’ Atlanta-area portfolio to 1.2 million square feet.